- Apple has made the record to become the first US company to hit $3 trillion in market value.
- Earlier in August 2020, the company also led the race to become the first US tech giant to reach $2 trillion.
- Similarly, it was the first US firm to reach the mark of $1 trillion in August 2018.
NEW YORK: Apple became the first US company to hit $3 trillion in market value, briefly reaching the landmark on Monday in the latest demonstration of the tech industry's pandemic surge.
The iPhone maker scaled the record level near 1845 GMT, reaching $182.88 a share before slipping back slightly.
The tech giant also was the first US company to hit $2 trillion in August 2020, during the Covid-19 pandemic that stoked demand for personal electronics and digital services, such as Apple's streaming and smartphone app store.
And it likewise was the first American firm to overtake $1 trillion in August 2018.
The surge marks the latest accomplishment for Tim Cook, who became chief executive of the Cupertino, California giant in 2011 shortly before the death of the company's visionary co-founder, Steve Jobs.
While the top tier of US stock markets are dominated by Silicon Valley companies, Microsoft is the only other American company worth more than $2 trillion.
In October, Apple reported net income of $20.5 billion on revenue of $83.4 billion, a record high for the quarter ending in September.
But as with many other tech giants, Apple has seen pressures in recent months due to supply chain problems, including a global shortage of semiconductors and Covid-related manufacturing disruptions in Southeast Asia.
Apple shares tumbled following that October earnings report, but rallied thereafter, winning nearly 20 percent in the final two months of 2021.
Near 1930 GMT, Apple shares were up 2.4 percent to $181.91. In China, the world's largest smartphone market, Apple continued to lead for the second straight month, beating rivals such as Vivo and Xiaomi, recent data from CounterPoint Research showed.
With Tesla now the world's most valuable automaker as Wall Street bets heavily on electric cars, many investors expect Apple to launch its own vehicle within the next few years.
"The icing on the cake, which may turn out to be the cake, is the potential for an EV car," Rhys Williams, chief strategist at Spouting Rock Asset Management said.
Just as Apple's market capitalisation hits the $3 trillion milestone, its share price as a percentage of the Nasdaq 100 index's value is bumping up against a key technical level. In recent prior times, the stock price has risen above such a level and then subsequently declined. Still, some investors worry Apple is hitting the limits of how much it can expand its user base and how much cash it can squeeze from each user, with no guarantees that future product categories will prove as lucrative as the iPhone.
The rapid embrace of technologies such as 5G, virtual reality and artificial intelligence has also increased the allure of Apple and other Big Tech companies. Apple Inc on Monday became the first company to hit a $3 trillion stock market value, before ending the day a hair below that milestone, as investors bet the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality.
On the first day of trading in 2022, the Silicon Valley company's shares hit an intraday record high of $182.88, putting Apple's market value just above $3 trillion. The stock ended the session up 2.5% at $182.01, with Apple's market capitalisation at $2.99 trillion.
The world's most valuable company that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.
"It's a fantastic accomplishment and certainly worthy to be celebrated," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
"It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors' eyes."
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