Chai Shai Chaishai with me

The Nasdaq’s greatest start in forty years has increased Apple’s value to $3 trillion.

Apple was the first and only corporation in history to have its stock hit $3 trillion in market value by the close of trading on Friday. The Nasdaq has had its highest first-half rise in 40 years thanks to a surge of Big Tech stocks.

On Friday, Apple’s stock hit a new high of $193.97, up over 2% from the previous day. Apple’s historic market value is the result of its stock price and the 15.7 billion outstanding shares.

On January 3, 2022, Apple’s stock price briefly surpassed $3 trillion during intraday trading, but the company was unable to maintain that level for the remainder of the trading day.

For the third day in a row, the company’s shares finished at a record high on Thursday, but the increase was minimal at 0.2%. On Friday morning, Apple’s stock price soared beyond $190.73, well above the threshold needed to cross the $3 trillion barrier.

The tech giant’s sky-high valuation after the hazardous introduction of the Apple Vision Pro earlier this month and a stronger-than-expected quarterly earnings announcement in May, despite a decline in sales and profit.

Tech writers who were given a sneak peek at the Vision Pro were very impressed with the augmented reality device. However, it is debuting in a young industry where it is unlikely to find widespread use. Apple’s headset will cost a whopping $3,499, but users will be connected to a power pack about the size of an iPhone, and there are now only a handful of apps and experiences available for it.

The rise of Big Tech firms in general has helped Apple’s (AAPL) stock soar 49% this year as more and more people get excited about artificial intelligence. The S&P 500’s top performers this year have been Nvidia (NVDA) with a 190% increase and Meta (META) with a 138% increase.

The first half of the year saw the best first-half percentage gain for the Nasdaq since 1983, at 31.7%.

Apple’s stock market success this year contrasts dramatically with 2022. The first day of business in 2023 marked the first time since early 2021 that Apple’s market valuation was less than $2 trillion.

Wall Street had a successful first half of 2023, with the month and quarterly markets closing higher thanks to the tech surge.

With a 6.5% increase, June was the greatest month for the S&P 500 since January. It also increased for a third straight quarter, by 8.3 percent. The first half of this year has been the best for the S&P 500 since 2019.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button