Apple (APPL) market capitalization returned above $3 trillion on Friday after briefly breaching it in January 2022. It is the only publicly traded U.S. company to reach that level, but it’s unclear exactly what prompted the move.

Key things

  • Apple’s market capitalization returned above $3 trillion on Friday
  • Apple is the only publicly traded company in the US to reach this level.
  • Apple shares have gained 48% in value this year.
  • Earlier this month, the tech giant announced the launch of a new Apple VisionPro product that expands its ability to harness the potential of virtual reality and content.

Apple shares are up 48% this year at $193 a share as of 2:00 p.m. ET Friday afternoon, with Jefferies analysts predicting they could rise to $219 a share this year. In contrast, the S&P 500 index rose by 16% year-on-year.

Apple reported revenue of $94.8 billion in its fiscal second quarter ended April 1, down 3% year over year. The company reported total net sales of $94.8 billion, compared to $97.2 billion in the same period a year ago.

Earlier this month, Apple announced launch a new product called Apple VisionPro, a spatial computer that blends “digital content with the physical world”. The initial retail price of the headset will be $3,499.

Meta aims to compete with Apple’s VisionPro. Will be offer custom headphones, Quest 3, scheduled to launch this fall. The social media giant aims to offer its headset at a fraction of the $499.99 price of the VisionPro.

The company also opened its first stores in India earlier this year, as well as a manufacturing facility in Chennai, India, to diversify its supply chains and reduce manufacturing costs for its iPhones.

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Members of the trillion dollar club that includes Microsoft (MSFT) for $2.53 trillion, Alphabet (GOOG) for $1.62 trillion, Amazon (AMZN) for $1.29 trillion and Nvidia (NVDA) to $1.02 trillion.

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