Apple hit a $3 trillion market cap — albeit briefly — on Jan. 3, the first time ever a public company has achieved this milestone.
By Yaёl Bizouati-Kennedy
See: What Happens to Your Apple Account When You Die? Set up Access to Your Digital Assets Now Find: Tesla Stock Skyrockets 12% After Impressive 2021 Delivery Numbers, Despite Recalls
The New York Times reports that in August 2018, Apple became the first American company ever to be worth $1 trillion, an achievement that took 42 years. It surged past $2 trillion two years later. Its next trillion took just 16 months and 15 days.
More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today.
Ives said that the valuation re-rating has been driven by the services business which he views as worth $1.5 trillion on a standalone basis, coupled by its flagship hardware ecosystem which is in the midst of its strongest product cycle in over a decade led by iPhone 13.
“Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino,” Ives added.
Wedbush said it maintained its “Outperform” rating and a $200 price target, with a bull case of $225.
To put Apple’s valuation in context, the company is worth more than Walmart, Disney, Netflix, Nike, Exxon Mobil, Coca-Cola, Comcast, Morgan Stanley, McDonald’s, AT&T, Goldman Sachs, Boeing, IBM and Ford combined, according to The New York Times. Or as Forbes puts it, Apple’s value is greater than the $2.76 trillion GDP of the United Kingdom but still short of the $3.85 trillion GDP of Germany, according to World Bank data.
- 9 Bills You Should Never Put on Autopay
- 10 Reasons You Should Claim Social Security Early
- Top Bank Account Promotions for January 2022 – Avoid Fees and Earn Up to $1,500
- The Top 10 Best Travel Hacks To Save the Most Money
