Harry Wilmerding
Apple is set to become the first $3 trillion company, making it the first publicly traded organization to be worth that much, multiple sources reported.
The tech giant’s share price ended last week at record levels, surging 8% in December, bringing its market cap to $2.94 trillion, Fox Business reported.
Apple shares were up roughly 1% in premarket trading on Monday with a price of $181.75, according to CNN. Stock prices need to reach $182.85 to crack the $3 trillion threshold.
Apple crossed the $1 trillion threshold in August 2018 and the $2 trillion in August 2020, CNN reported. Apple shares have soared 35% in the last year as the company benefited from robust demand for the new iPhone 13 and subscription services like Apple Music and Apple TV+.
Wedbush analyst Dan Ives said Apple’s upcoming milestone is a “watershed event,” adding that the “company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino,” according to Fox Business.
iPhone sales far outpaced initial projections, with roughly 40 million phones sold during the holiday season despite supply chain disruptions and a growing global chip shortage, Ives told Fox Business. Demand reportedly looks strong heading into 2022 in the U.S. and Chinese markets, and Ives believes the company’s share price could reach between $200 and $225.
“This is basically the iPhone factoring, the refresh of the Mac with the M1 chip all the other product derivatives that are coming the services businesses that is on the backend and then you can add potentially a car and potentially the glasses that are coming up,” Ray Wang, founder, and chairman of Constellation Research, told Fox Business.
Microsoft is the only other company valued at over $2 trillion, having a current value of around $2.6, according to CNN.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.