During Apple’s Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California, on June 5, 2023, Apple CEO Tim Cook delivered a speech which garnered substantial attention .
In a remarkable feat, Apple’s market capitalization crossed the $3 trillion mark on Friday, with the stock price surging by approximately 1%. This milestone was achieved by surpassing the $190.73 price threshold, as reported by CNBC’s latest share count.
Although Apple briefly touched the $3 trillion market cap mark during intraday trading in January 2022, it failed to sustain that level. However, it now has the opportunity to close at or above $3 trillion on Friday.
The enduring confidence displayed by investors towards Apple’s diverse range of products and services is noteworthy, especially considering the company’s cautionary May announcement regarding a projected 3% decline in its current quarter revenue.
In a year fraught with turbulence, large tech companies have emphasized efficiency and downsizing their workforce. However, Apple has emerged as a shining example, defying skeptics and establishing a strong trajectory of growth over the next 12 to 18 months.
Dan Ives of Wedbush expressed his optimism, stating, “Despite naysayers questioning Apple’s growth prospects, we firmly believe that Cupertino is on the cusp of a significant renaissance, driven by the massive potential for iPhone 14 upgrades and an impending ‘mini super cycle’ with approximately 25% of Apple’s loyal customer base still using iPhones that are over 4 years old.”
As a testament to its success, Apple’s stock has surged by an impressive 47% year-to-date.
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