Just over a year after surpassing the $2 trillion barrier, Apple Inc is on the verge of hitting a $3 trillion market value, which would make as large as the fifth largest economy of the world - after Germany and ahead of the total economy of India.
Apple's stock was up 1.6 per cent at $174 most recently. The stocks need to trade at $182.85 to meet the target of achieving a market valuation of $3 trillion and conclude a robust run fuelled by investors banking on its reputation and perceiving it as a relative safe haven.
So far this year, the stock has increased by almost 30 per cent, after an increase of more than 80 per cent in 2020. In comparison, the S&P 500 index has increased by 25 per cent over the same time span.
The other trillion-dollar companies of the world include Microsoft, Amazon, Alphabet, and Tesla. The market value of all of these companies has risen by between 10 per cent and 70 per cent.
"Apple does seem to be more immune to the ebb and flow of economic forces just because of this really strong brand. It's new product pipeline is pretty strong too," Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said.
"There is an expectation that Apple is still going to come for you even though there have been some weaknesses in getting hold of the handsets and making sure that they're available for the public."
Apple went past the $1 trillion threshold in market value in 2018, but it took two years to double that figure and surpass the $2 trillion market cap mark. .
The stock has already outperformed Wall Street's median price objective by $4, with the majority of analysts tracking the stock rating it as "buy" or higher.
Apple momentarily lost its distinction as the most valuable business to Microsoft Corp earlier this year, after CEO Tim Cook's remarks about supply chain issues and the difficulty in obtaining chips and components for smartphones and laptops.
Microsoft's market value is around $500 billion shy of $3 trillion.
With a market valuation of $3 trillion, the worth of Apple would be greater than the economies of the United Kingdom, which has a GDP of $2.83 trillion, and France, which has a GDP of $2.78 trillion.
(Source:www.reuters.com)
Apple's stock was up 1.6 per cent at $174 most recently. The stocks need to trade at $182.85 to meet the target of achieving a market valuation of $3 trillion and conclude a robust run fuelled by investors banking on its reputation and perceiving it as a relative safe haven.
So far this year, the stock has increased by almost 30 per cent, after an increase of more than 80 per cent in 2020. In comparison, the S&P 500 index has increased by 25 per cent over the same time span.
The other trillion-dollar companies of the world include Microsoft, Amazon, Alphabet, and Tesla. The market value of all of these companies has risen by between 10 per cent and 70 per cent.
"Apple does seem to be more immune to the ebb and flow of economic forces just because of this really strong brand. It's new product pipeline is pretty strong too," Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said.
"There is an expectation that Apple is still going to come for you even though there have been some weaknesses in getting hold of the handsets and making sure that they're available for the public."
Apple went past the $1 trillion threshold in market value in 2018, but it took two years to double that figure and surpass the $2 trillion market cap mark. .
The stock has already outperformed Wall Street's median price objective by $4, with the majority of analysts tracking the stock rating it as "buy" or higher.
Apple momentarily lost its distinction as the most valuable business to Microsoft Corp earlier this year, after CEO Tim Cook's remarks about supply chain issues and the difficulty in obtaining chips and components for smartphones and laptops.
Microsoft's market value is around $500 billion shy of $3 trillion.
With a market valuation of $3 trillion, the worth of Apple would be greater than the economies of the United Kingdom, which has a GDP of $2.83 trillion, and France, which has a GDP of $2.78 trillion.
(Source:www.reuters.com)
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