Apple shares closed up 2.3% at $193.97 last week, bringing its market value to $3.04 trillion. Apple is one of a handful of technology companies, including Microsoft and chipmaker Nvidia, that helped drive the S&P 500 to a gain of nearly 16% in the first half of the year.
The 47-year-old company co-founded by Silicon Valley legend Steve Jobs had briefly eclipsed a $3 trillion market value on back-to-back days in January 2022, but couldn’t hold on by the time the market closed. Instead, Apple’s stock sunk into a prolonged descent that pushed its market value briefly below $2 trillion earlier this year amid a slowdown in growth and investor jitters about rising interest rates that affected the entire tech sector.
Apple didn’t come close to the $3 trillion threshold again until earlier this month when the company unveiled what could be its next big product — a high-priced headset called Vision Pro that thrusts users into artificial settings known as virtual reality.
Although the significance of reaching a $3 trillion market value is largely symbolic, its magnitude is still breathtaking.
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