Apple’s stock jumped to a record high at the close of trading on Wednesday, prompting the company’s market value to approach $3 trillion, driven by a strong rebound in technology stocks.
The iPhone maker rose 0.6 percentage points to end the session at $189.25 per share, its second consecutive record close, bringing the company’s market value to $2.98 trillion, according to Refinitiv data.
“Apple” shares have not been able to finish a trading session with a market value of more than three trillion dollars so far, but it touched this level for a short time during the daily trading session on January 3, 2022, before closing the session just below this level.
Although the company’s most recent quarterly report in May showed a drop in revenue and profits, it still beat analysts’ expectations, cementing the company’s reputation among investors as a safe investment at a time of global economic uncertainty.
The recent gains for “Apple” shares exceeded analysts’ estimates for the company’s future profits, as the stock is now trading at a value about 29 times higher than expected profits, which is its largest increase since February 2022, according to “Refinitiv” data.
The recent gains in shares of the world’s most valuable company came on the heels of a strong recovery in many technology companies on Wall Street this year, supported by expectations that the Federal Reserve is close to ending its campaign to raise interest rates, and optimism about the potential of artificial intelligence.
“Apple” shares have risen by 46% since the beginning of 2023 until now, while “Nvidia” shares have risen 185%, making it the first company to manufacture chips with a market value exceeding one trillion dollars.
2023-06-29 22:04:43
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