Apple’s market capitalization at one point hit the $3 trillion mark in the first trading session of 2022, this milestone broke the record rally of the stock “missing apple” during the pandemic and continues to underline the trend. Big Tech’s decade-long sublimation direction.
Apple was the first company to hit the milestone, although it couldn’t sustain it until the end of the session. Apple shares closed 2.5% higher at $182.01 and with a market capitalization of $2.99 trillion. This gain comes in a positive session for Wall Street. Apple and Amazon.com Inc. All contributed to the Nasdaq 100 index’s rally.
The iPhone maker’s share price has risen steadily over the years, up more than 200% since Covid-19 first shut the world down in early 2020 and underscores the technology’s focus on operations. work, educate, entertain and stay connected.
Apple’s momentum has been accompanied by steady revenue growth, and investors are betting that key products, along with new products like virtual reality headsets and self-driving electric vehicles, have long-term prospects. strong.
“I never thought I’d see a $3 trillion market cap,” said Patrick Burton, co-head of the portfolio at MainStay Winslow Large Cap Fund, which holds 2.75 million Apple shares. , but this really speaks to Apple’s outlook for the next 5 to 10 years. We feel very optimistic about the outlook and continue to see opportunities ahead, with iPhone franchise activity solid. and growth drivers from both services and new products.”