Apple became the first company worth three trillion dollars in the market on Monday, buoyed by investor confidence that the iPhone maker will continue to launch best-selling products.
On the first day of trading in 2022, the company's shares hit a record high of $182.88, putting Apple's market value at just over $XNUMX trillion, reports Reuters.
The world's most valuable company has hit a milestone as investors bet consumers will continue to pay more for iPhones, MacBooks and services such as Apple TV and Apple Music.
"It's a fantastic achievement and certainly worthy of celebration," 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 in the eyes of most investors," he added.
Apple shared the $2 trillion market value club with Microsoft Corp, which is now worth about $2.5 trillion. Alphabet ( GOOGL.O ), Amazon.com Inc and Tesla ( TSLA.O ) have market values above $1 trillion.
The rapid adoption of technologies such as 5G, virtual reality and artificial intelligence (AI) have helped these stocks become more beloved in the market as investors shift towards cash-rich companies and away from businesses that have been more sensitive to economic growth.
