Apple Becomes 1st Company To Cross $3 Trillion Market Cap: How This Happened?
Apple has become the world’s biggest company, and the first ever company to cross $3 trillion market capital.
How this happened?
Keep reading to find out more..
Apple Crosses $3 Trillion Market Cap
On Monday, share prices of Apple surged by 3% to reach $182.88 at New York stock market, that made them a $3 trillion company, albeit for a brief period.
The share price of Apple came down to $182.01 at the time of writing.
But none the less, the surge in the share price skyrocketed their valuation, and it touched $3 trillion, a feat that no other company has ever accomplished, ever.
After a low-circuit in October last year, Apple’s share price has zoomed ahead, propelling them to add $700 billion in their marketer capital.
This Is How Apple Breached $3 Trillion Mark
Ever since Covid hit the world, Apple’s share prices and sales, both have increased and jumped up to unprecedented levels.
Since this pandemic induced enforced lockdowns, the dependency on technology has increased manifold, as global citizens are now relying on technology and gadgets for work, entertainment, connections and more.
And this directly translates to more sales of Apple products, and hence, the surge in shares, and better revenues.
Patrick Burton, co-portfolio manager of the MainStay Winslow Large Cap Growth Fund said, “I never thought I’d see a $3 trillion market cap, but it really speaks to Apple’s prospects over the next five to 10 years,”
MainStay Winslow Large Cap Growth Fund owns around 2.7 million Apple shares.
But Challenges Lies Ahead
Issues such as chip shortage, and sudden, unexpected dips in sales have ringed alarm bells for Apple investors, and these issues can be a challenge in the future.
But Apple has made some solid plans to overcome these challenges, and their investors are trusting them to further elevate their positioning.
Apple’s $3 trillion market cap was achieved after 17 months of them becoming $2 trillion company.
In comparison, Microsoft’s market valuation is right now around $2.5 trillion.
We will keep you updated, as more details come in.