Apple Inc. becomes first company to hit $3tn market cap driven by iPhone, iPad and Mac sales
Apple Inc. (AAPL), the technology giant that produces the iPhone, iPad, Mac, Apple Watch, AirPods and other popular devices and services, has reached a historic milestone by becoming the first company to hit a market capitalisation of more than $3 trillion.
Market capitalisation, or market cap, is the total value of a company’s outstanding shares of stock. It is calculated by multiplying the number of shares by the current share price. For example, as of July 2nd, 2023, Apple had about 16. 2 billion shares outstanding and a share price of $188. 02, resulting in a market cap of $3.
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05 trillion.
Apple’s market cap has grown rapidly over the past decade, driven by its strong sales of innovative products and services, loyal customer base, high profit margins and dominant position in the global smartphone market.
Apple was the first company to reach a $1 trillion market cap in August 2018, followed by a $2 trillion market cap in August 2020. It briefly crossed the $3 trillion mark for the first time in January 2022, but failed to close at that level. It achieved that feat on June 30th, 2023, after its share price rose by more than 2% on that day.
Apple’s market cap is now more than double that of its closest rival, Microsoft, which has a market cap of about $2. 5 trillion. Other tech giants such as Alphabet (Google), Amazon and Nvidia also have market caps above $1 trillion.
Analysts and investors are optimistic about Apple’s future growth prospects, especially as it prepares to launch its next-generation iPhone 15 later this year, which is expected to trigger a wave of upgrades among its existing users. Apple is also working on new products and services such as its Vision Pro augmented reality headset, Apple Car and Apple Pay.
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