Apple’s market value went over $3 trillion for the first time since January of last year. This happened because investors bet that the company, which makes the iPhone, will be able to increase sales even as it explores new markets like virtual reality.
In morning trading, shares of Apple, which is also the most valuable publicly traded company in the world, were up 1.3% to $191.99. They’ve gone up nearly 46% this year, and at the price they are at now, the market value of the company is $3.02 trillion.
Apple’s market value briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022, before closing the session just below that mark.
Apple’s market value is going up because investors think the Federal Reserve might slow down its rate hikes and because artificial intelligence is getting a lot of attention.
In its most recent quarterly report, Apple’s sales dropped less than expected. This showed how resilient the tech giant is in a shaky economy and boosted its image among investors.
Alphabet Inc., Microsoft Corp., Amazon.com Inc., and Nvidia Corp. are the other four U.S. companies that are worth more than $1 trillion right now.