- Apple is closing in on a $3 trillion valuation a week after it launched the Vision Pro headset.
- Shares are up 41% so far this year — outpacing a 35% gain in the tech-focussed Nasdaq 100 Index.
Tech giant $4 is riding on a wave of enthusiasm in its share price which has taken its market cap near to a historic valuation of $3 trillion.
Apple's share price closed 1.6% higher at $183.79 on Monday, bringing the company's valuation to nearly $2.9 trillion. Shares are up 41% this year — outpacing a 35% gain in the tech-focussed Nasdaq 100 Index over the same period.
Apple shares have been on a tear after the company unveiled the $4 last Monday. Some analysts said at the time the hardware product could drive up the tech giant's valuation massively, Insider's $4
It's not just the headset that's motoring the share price gain.
Prominent Wedbush analyst Dan Ives predicts that the sales of the upcoming iPhone 15 and Apple's services business will further boost Apple shares, $4 reported on Monday. Ives is particularly bullish on Apple's Services business, which comprises its cloud service and storage business.
It's not the first time Apple's valuation has hit the $4 — the tech giant became the first US company to cross the threshold in January 2022 — before a broad-based rout in tech shares took its market cap lower.
Tech shares have been on a blistering rise this year, fuelled by the rush into artificial intelligence following the viral success of OpenAI's $4