Apple CEO Tim Cook speaks during the Apple Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California on June 5, 2023.
Josh Edelson | AFP | Getty Images
AppleThe company’s market capitalization topped $3 trillion on Friday as its shares climbed about 1% to a new high, surpassing the $190.73 price needed to reach the milestone, according to the latest CNBC stock count.
Apple was the first company to reach a market capitalization of $3 trillion during intraday trading in January 2022 but failed to close at that level. He has another chance to do it on Friday.
It shows investors remain bullish on Apple’s stock and portfolio of products and services, despite the company warning in May that its current quarter sales are expected to fall 3%.
Investors see the company as one of the bright spots during a year of turbulence in the sector with tech giants commit to “doing more with less” in the midst of a “year of efficiency” and thousands of layoffs.
“Apple bears and skeptics continue to scratch their heads as many have called for a ‘broken growth story’ for Apple this year against a tougher backdrop, which we strongly believe has been the exact opposite as Cupertino heads for a massive growth renaissance in next year. 12 to 18 months,” Dan Ives, principal equity research analyst at Wedbush Securities, said in a note Friday.
“In our view, the Street grossly underestimated the potential for a massive upgrade in the installed base around iPhone 14, and we now have a mini iPhone 15 super cycle ahead, with roughly 25% of Apple’s gold customer base not having upgraded their iPhones in over 4 years,” he added.
Apple shares are up 47% year-to-date.