$3 TRILLION CAP
Apple is onto a winner. The surge in valuation can be attributed to improving inflation conditions and investor optimism regarding Apple’s expansion into new markets and demonstrates the incredible work performed by Tim Cook and Co in recent years to bolster Apple’s market position further and make it a company people want to invest in. Recent gains in Apple shares, the resurgence of technology stocks, and the speculation around artificial intelligence have contributed to this remarkable feat. Furthermore, Apple’s solid financial performance, including steady stock buybacks and better-than-expected earnings, has solidified its position as a safe investment amidst global economic uncertainties.
At the end of June, Apple’s stock jumped 2.3 percent to $193.97, propelling the company’s market capitalization to a staggering $3.05 trillion, according to Refinitiv data. Although Apple had briefly touched the $3 trillion mark in January 2022 during intraday trading, this is the first time it has closed a trading session above this milestone. The stock has shown a remarkable growth rate of 49 percent in 2023, primarily driven by positive sentiment surrounding technology stocks and the potential slowdown in interest rate hikes by the US Federal Reserve. The optimism around interest rates stems from a recent report revealing a decline in the inflation index monitored by the central bank. Lower petrol prices and slower food cost increases led to a 3.8 percent year-over-year price rise in May, down from the 4.4% surge in April.
Additionally, consumers exhibited minimal spending growth, fueling predictions of a slowdown and a reduced pace of rate hikes by the Federal Reserve.
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