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Tech giant Apple Inc. has once again become the world’s most valuable company as it is just a hair's breadth away from a market capitalization of USD 3 trillion.
On Monday, the iPhone maker’s shares slid a little over 2% to USD 175.74, reversing earlier advances that had them close to the USD 182.86 price required to attain a valuation of USD 3 trillion.
Moreover, Apple's stock increased by 11% the previous week, extending its year-to-date gain of more than 30% as investors remain confident that customers would continue to pay premium prices for iPhones, MacBooks, and other services such as Apple TV and Apple Music.
The company valuation from USD 2 trillion to around USD 3 trillion in just 16 months as compared to its march from USD 1 trillion to USD 2 Trillion which took two years.
Experts cite that new revenue lines that investors expect include a possible Apple Car, as well as evolution in services such as apps and TV, which are still well below 65% of Apple’s revenues generated by iPhone sales.
This milestone of USD 3 trillion would be another feat for Chief Executive Tim Cook who led the firm to new heights, including driving Apple's stock price up over 1,400%, as stated by analysts.
If Apple reaches the expected market capitalization of USD 3 trillion, Microsoft will become the sole company in USD 2 trillion club, whereas Alphabet, Amazon, and Tesla Inc. have pushed past the USD 1 trillion mark.
Notably, Microsoft, with a valuation of USD 2.6 trillion, was the world’s most valuable corporation until late October this year when Apple warned that supply chain issues might hamper its growth throughout the year.
Apple, among other megacap tech companies like Alphabet and Amazon, has greatly benefited from people and businesses relying extensively on technology during the pandemic.
Emerging technologies such as 5G, augmented reality/virtual reality, and AI may help Apple and other cash-rich large technology firms to remain popular among investors as the global economy recovers from the coronavirus pandemic and supply chain stresses subside.
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