Apple has become the world’s first company with a $3tn stock market value, according to a Sky News report.
On the first day of trading in 2022, the Silicon Valley-based tech company’s shares briefly hit a record of $182.88 around midday on Monday.
The stock later pulled back from that level, closing 2.5% higher at $182.01.
The iPhone maker passed $2tn in 2020, during the COVID-19 pandemic that has stoked demand for personal electronics and digital services, and reached over $1tn (£740,000) in 2018.
In comparison, Microsoft Corp is now worth about $2.5tn, while Alphabet, Amazon.com and Tesla have market values above $1tn.
‘A fantastic accomplishment’
The world’s most valuable company is the first to reach the milestone as investors bet that consumers will continue to shell out for iPhones, MacBooks and other gadgets and services such as Apple TV and Apple Music.
It also marks the latest accomplishment for Tim Cook, who became chief executive of Apple in 2011 shortly before the death of the company’s co-founder Steve Jobs.
“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.”
5G boost
Scott Wren, the 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.”
The rapid embrace of technologies such as 5G, virtual reality and artificial intelligence has also helped these stocks become market darlings as investors move towards cash-rich companies and away from businesses that have been more sensitive to economic growth.
Apple’s quick adoption of 5G, a technology that has broad implications in the future, has provided a big boost.
It recently launched iPhone 13 in its second wave of phones with 5G technology.