Apple becomes first company to reach $3T market cap
US technology giant Apple has become the first company with a $3 trillion stock market value. Apple_ whose stocks increased by three times since the beginning of the pandemic_ gained a value of around 3% on Monday.
On the first day of trading in 2022_ the Silicon Valley company's shares hit an intraday record high of $182.88_ putting Apple's market value just above $3 trillion. The stock ended the session up 2.5% at $182.01_ with Apple's market capitalization at $2.99 trillion.
The world's most valuable company reached the milestone as investors bet that consumers will continue to shell out top dollar for iPhones_ MacBooks and services such as Apple TV and Apple Music.
"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."
Microsoft with a $2.5 trillion stock market value and Alphabet with $1.9 trillion followed Apple.
Apple hit the $1 trillion mark in August 2018 and $2 trillion in August 2020.
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