Apple becomes world’s first $3 trillion company
Apple became the first company with a $3 trillion (€2.6 trillion) stock market value as investors backed the Silicon Valley giant to explore new markets.
On the first day of trading in 2022, the iPhone company’s shares hit a record of $182.88 around midday, though it could not hold on to the milestone and closed 2.5% higher at $182.01 with a market capitalisation of $2.99trn.
Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said: “The market is rewarding companies that have strong fundamentals and balance sheets, and the companies that are hitting these sort of huge market caps have proven they are strong businesses and not speculation.”
Apple’s quick adoption of 5G, a technology that has broad implications in the future, provided a big boost. It recently launched iPhone 13 in its second wave of phones with 5G technology.
The company’s share price is up more than 200% since Covid first sent the world into lockdown in early 2020 and underlined the central role of technology for work, education and entertainment, with home working a particular factor.
Apple first reached $1 trillion in value in mid-2018, and achieved a $2 trillion valuation in August 2020.