For the first time since January of last year, Apple’s market value on Friday exceeded $3 trillion (about Rs. 2,46,09,660 crore), as investors placed bets on the iPhone maker’s capacity to increase sales even as it pushes into new industries like virtual reality. In morning trading, Apple shares, which are also the most valuable publicly traded business in the world, were up 1.3 percent to $191.99 (about Rs. 15,750).
On January 3, 2022, intraday trading saw a short increase in Apple’s market capitalization exceeding $3 trillion; nevertheless, the session ended slightly below that threshold. The most recent increases in Apple stock come as technology equities rise on speculation that the Federal Reserve may be lowering the rate at which it raises interest rates as well as on the buzz around artificial intelligence.
The tech giant’s ability to adapt in a volatile market is demonstrated by Apple’s second quarter iPhone sales that were higher than anticipated and by the release of new products, such as the Vision Pro augmented reality headset in June.
At the moment, four other US companies—Alphabet, Microsoft, Amazon.com, and Nvidia—have a worth of more than $1 trillion (about Rs. 82,04,350 crore). This year, Apple shares have increased by about 46%, while those of Tesla and Meta Platforms have more than doubled. Nvidia has entered the trillion-dollar club as a result of an over 180 percent increase in share price in 2023.
Recently, it was claimed that the business was preparing to fight against a revised EU antitrust complaint and potential sizable penalties related to charges that it prohibits music streaming services like Spotify from telling consumers of other purchasing options outside of its App Store. A confidential session will be held in Brussels where the iPhone manufacturer will present its case to top members of the European Commission and their counterparts from national competition regulators.