Apple emerges first US company to reach $3 trillion market value

Apple has become the first-ever public company to reach $3 trillion in market value after the stock rallied 3% on Monday, January 3, 2022, Top Naija reports.

On the first day of trading in 2022, the Silicon Valley company’s shares hit a record of $182.88 around mid-day.

The tech giant’s rise to a $3 trillion market cap, which is based on its stock price, comes less than two years after its market cap hit $2 trillion.

Apple’s rise to $3 trillion comes on the back of the incredible success of its iPhone line, which has spawned accessories like the Apple Watch and AirPods, not to mention services like AppleCare, the App Store, Apple Music+, and Apple TV+.

“It’s a fantastic accomplishment and certainly worthy to be celebrated,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. “It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes.”

Apple shared the $2 trillion market value club with Microsoft Corp (MSFT.O), which is now worth about $2.5 trillion. Alphabet (GOOGL.O), Amazon.com Inc and Tesla (TSLA.O) have market value above $1 trillion.

Apple Inc. is an American multinational technology company that specializes in consumer electronics, computer software and online services. Apple is the largest information technology company by revenue and, since January 2021, the world’s most valuable company.