Apple's Market Capitalisation Reaches $3 Trillion as Company Explores VR Sector

Apple's better-than-expected iPhone sales during its second quarter and the introduction of new products highlight the tech giant's resiliency.

By Reuters | Updated: 30 June 2023 20:03 IST

Apple's Market Capitalisation Reaches $3 Trillion as Company Explores VR Sector

Apple shares have jumped nearly 46 percent this year, while those of Meta have more than doubled

Highlights

Shares of Apple were up 1.3 percent at $191.99 in morning trading
The latest gains in Apple shares come as technology stocks rebound
Four other US companies have a valuation of more than $1 trillion

Apple's market capitalization on Friday breached the $3 trillion (nearly Rs. 2,46,09,660 crore) mark for the first time since January last year, as investors bet on the iPhone maker's ability to grow its revenue even as it explores new markets such as virtual reality.

Shares of Apple, which is also the world's most valuable- listed company, were up 1.3 percent at $191.99 (nearly Rs. 15,750) in morning trading.

Apple's market value briefly peaked above $3 trillion in intra-day trading on January 3, 2022, before closing the session just below that mark.

The latest gains in Apple shares come as technology stocks rebound on bets that the Federal Reserve may be slowing its pace of interest rate hikes as well as on the buzz around artificial intelligence.

Apple's better-than-expected iPhone sales during its second quarter and the introduction of new products, including an augmented-reality headset called the Vision Pro in June, highlight the tech giant's resiliency in an uncertain economy.

Currently, four other US companies have a valuation of more than $1 trillion (nearly Rs. 82,04,350 crore) -- Alphabet, Microsoft, Amazon.com and Nvidia.

Apple shares have jumped nearly 46 percent this year, while those of Tesla and Meta Platforms have more than doubled.

A near 180 percent gain in shares of Nvidia in 2023 has catapulted the chipmaker into the trillion-dollar club.

Recently, the company was reported to be planning to seek to fend off a revised EU antitrust charge and possible hefty fine linked to claims it prevents music streaming companies such as Spotify from informing users of other buying options outside its App Store. The iPhone maker will set out its arguments to senior European Commission officials and their peers at national competition agencies at a closed hearing in Brussels.

Apple unveiled its first mixed reality headset, the Apple Vision Pro, at its annual developer conference, along with new Mac models and upcoming software updates. We discuss all the most important announcements made by the company at WWDC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.