Apple closed trading on Friday with a market valuation of $3 trillion, becoming the first company ever to achieve this milestone. This surge is part of a broader uptick in Big Tech stocks, contributing to the Nasdaq’s strongest first half performance in 40 years.
On Friday, Apple’s stock climbed over 2%, reaching a record high of $193.97 per share. With 15.7 billion shares outstanding, this pushed Apple’s market capitalization to its historic $3 trillion mark.
Notably, Apple had briefly surpassed $3 trillion in intraday trading on January 3, 2022, but had not closed at that level.
The tech giant’s recent success is partly attributed to the positive reception of its new product, the Apple Vision Pro, and stronger-than-expected earnings in May, despite lower sales and profits. The Apple Vision Pro, set to debut next year, has impressed early reviewers with its augmented reality capabilities, though it enters a market with limited consumer adoption. Priced at $3,499, the headset requires users to remain connected to a sizeable battery pack.
Apple’s stock has surged 49% in 2023, supported by broader enthusiasm for AI-focused investments in Big Tech. Nvidia leads the S&P 500 with a 190% gain this year, followed by Meta at 138%.
The Nasdaq itself grew by 31.7% in the first half of the year, marking its largest percentage gain in a first half since 1983.
This year’s stock market success contrasts sharply with 2022, when Apple’s market cap dipped below $2 trillion for the first time since early 2021. However, the first half of 2023 ended positively for Wall Street, with tech stocks leading markets higher for both the month and the second quarter.
The S&P 500 recorded a 6.5% gain in June, its best monthly performance since January, and continued its growth streak with an 8.3% increase in the second quarter. Year-to-date, the S&P 500 is up approximately 15.9%, its strongest performance in a half-year since 2019.
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