Right on the onset of the year, Apple Inc became the first company with a $3 trillion stock market value on Monday with the investors’ commitment who are all agog to launch best selling products and explore new market areas like automated cars and cyberspace amid the resurge of COVID-19 cases.
On the first day of trading in 2022, the company’s shares hit a high spot of $182.88, henceforth elevating Apple’s market value to $3 million. The stock ended the session up 2.5% at $182.01, with Apple’s market capitalization at $2.99 trillion.
Earlier in 2020, the iPhone makers were the first to attain the market value of $2 trillion during the Covid-19 pandemic that shot up the demand for personal electronics and digital services, such as Apple’s streaming and smartphone app store.
In 2021 the company revenues were $365.8 billion, more than triple the level of a decade ago. “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.”
“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,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
Just as Apple’s market capitalization hits the $3 trillion milestones, its share price as a percentage of the NASDAQ 100 index’s value is lowering down. the stock price has climbed above such a level and then subsequently dashed.