Apple, the world’s most valuable company, achieved a market capitalization of over $3 trillion for the first time at the close of trading on Friday. Analysts are optimistic that Apple will remain above this milestone, unlike in early 2022 when it briefly reached it during daily trading. Despite facing challenges such as sales declines in two consecutive quarters and its first earnings miss in years in February, Apple managed to thrive in “incredible circumstances.” Alex Kantrowitz, writing for Slate, highlights that Apple’s substantial cash reserves allowed it to weather rising interest rates and position itself for success in the economic rebound ahead.
After reaching the $3 trillion mark in January 2022, Apple experienced a downward trend that temporarily brought its market value below $2 trillion earlier this year. However, a rebound gained momentum in June with the introduction of Apple’s Vision Pro virtual reality headset, which is set to launch next year. The AP reports that growing expectations for artificial intelligence, along with indications that the Federal Reserve is nearing the end of its program of interest rate increases, have also contributed to the rise in Apple’s stock. So far this year, Apple’s stock has increased by more than 53%.
Art Hogan, chief market strategist at B. Riley Wealth, praises Apple’s ability to thrive during uncertain times, calling it “one of the greatest publicly traded companies that’s ever existed.” Hogan highlights Apple’s continuous growth, diversified revenue streams, shareholder-friendly management, share buybacks, dividend payments, and robust financial position as reasons for its success. (Read more Apple stories.)
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