Apple share price hits record, market value nears $3 trillion
Apple share price hit a record high on Wednesday with its market capitalization crossing above $3 trillion during the day.
The stock, however, ended 0.6% higher at a record high for the second consecutive session at $189.25, putting its market value at $2.98 trillion at the close, according to Refinitiv data.
The rally in Apple shares comes on the back of recent gains in technology stocks on Wall Street amid optimism over the potential for artificial intelligence (AI).
Moreover, expectations that the US Federal Reserve is nearing the end of its interest rate hike cycle also led gains in American markets.
Also Read: Asian markets gain amid mixed trend from US stocks after Fed hints more interest rate hikes ahead
Apple share price has rallied 46% in 2023 so far. Meanwhile, other giants such as Tesla and Meta Platforms have more than doubled, Nvidia share price soared 185%, while Microsoft gained 45% this year.
Meanwhile, during its annual Worldwide Developers Conference on June 5, Apple launched augmented-reality headset Vision Pro. The new product features exterior cameras, allowing users to interact with digital content in mixed reality.
Read here: WWDC 2023: Apple’s VR VisionPro launched at $3499; Here’s how it works
In its quarterly report in May, Apple’s revenue and profits declined, but still beat analysts’ expectations, Reuters reported.
Moreover, the recent rally in Apple’s share price has outpaced analysts’ estimates for the company’s future earnings. According to Refinitiv data, the stock now trades at about 29 times expected earnings, its highest multiple since February 2022.
(With inputs from Reuters)
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Updated: 29 Jun 2023, 07:54 AM IST
