Apple becomes first company to hit $3n market value

Apple became the first company to reach a $3tn stock market value, before slipping slightly at the end of the day on Monday.

The Silicon Valley titan hit a record high of $182.88, placing Apple’s market value just above $3tn yesterday.

The stock ended the session up 2.5 per cent at $182.01, with Apple’s market capitalisation at $2.99tn.

Investors are expecting the iPhone maker to continue to thrive after stellar pandemic growth, with customers eager to continue to purchase products such as MacBooks. 

The company is also eyeing new markets including automated cars and virtual reality, in addition to its staunch existing portfolio. 

Pandemic growth

The firm was the first to hit a stock market valuation of £1tn in August 2018 and was further buoyed by the pandemic inspiring a need for technology products.

It is valued more than technology firm Microsoft Corp, which is worth around $2.5tn. Other giants, including Google-owner Alphabet, Amazon, and Tesla, are valued over $1tn, according to Refinitiv.

“It’s a fantastic accomplishment and certainly worthy to be celebrated,” Jake Dollarhide, chief executive officer of Longbow Asset Management, told Reuters. 

“It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes.”