The company's shares climbed about 2.31% on Friday to a new high of $193.97. Apple's market cap briefly peaked above $3 trillion in intraday trading on January 3, 2022, but it failed to close there. The company's stock has skyrocketed nearly 46% this year.
AR Headset Launch
The milestone valuation for the tech giant comes on the heels of its launch of the Apple Vision Pro, its long-rumored augmented reality (AR) headset, earlier this month. The headset is expected to be a major new product category for Apple and could help the company further expand its market share in the AR/VR space.
Market Cap Comparison
Apple's market cap is now more than double that of its closest rival, Microsoft (MSFT), which has a market cap of $1.7 trillion. The company's valuation is also more than three times that of Amazon (AMZN), which has a market cap of $1.0 trillion.
Reasons for Dominance
Apple's dominance in the tech industry is due in part to its strong product lineup, which includes the iPhone, iPad, Mac, and Apple Watch. The company also has a loyal customer base and a strong brand reputation.
Apple's market cap is a significant achievement and shows the company's continued strength in the tech industry. It will be interesting to see how the company's valuation evolves in the coming years.
Technomancer is a science and tech enthusiast who enjoys writing about software and AI and other tech topics.