Apple sets record as valuation nears $3 trillion

Robert Besser
09 Jun 2023, 21:01 GMT+10

Apple shares hit a record high for the first time in 17 months, though the company's market value remained below its peak of $3 trillion
The world's most valuable listed company is expected to launch a mixed-reality headset at its annual Worldwide Developers Conference this week
Apple shares were last up 1.8 percent at $184.15, rising almost 40 percent in 2023, compared with an 11.5 percent rise in the benchmark S&P 500

NEW YORK CITY, New York: Before the start of its annual Worldwide Developers Conference this week, Apple shares hit a record high for the first time in 17 months, though the company's market value remained below its peak of $3 trillion.

The world's most valuable listed company is expected to launch a mixed-reality headset at the conference, the company's first big move in a new product category since it launched the Apple Watch nine years ago.

Apple shares were last up 1.8 percent at $184.15, rising almost 40 percent in 2023, compared with an 11.5 percent rise in the benchmark S&P 500.

Becoming the only company in the world to hit $3 trillion in market capitalization early last year, Apple was last valued at $2.89 trillion.

In a note, Morgan Stanley analyst Erik Woodring said that while it is still early, augmented reality/virtual reality could be the next main platform for Apple's growth.

"The fact that the company is expected to be the market leading vendor in mixed-reality headsets is what could make WWDC a more significant stock catalyst this year," Woodring said, as quoted by Reuters.

Amid the sudden popularity of artificial intelligence and the new focus on technology shares following last year's decline, Apple is among a handful of megacap firms whose stocks have rallied this year.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Carolina Daily.

More Information

60 ℉

Partly Cloudy in Statesville

US Business

Section

Nasdaq Composite tumbles 209 points after Fed leaves rates unchanged

NEW YORK, New York - Interest rates could stay higher for longer, but there is the possibility of rate cuts ...

Federal Reserve losses surpass $100 billion, and still rising

WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...

Wall Street falls ahead of Federal Reserve interest rate decision

NEW YORK, New York - U.S. investors fretted Tuesday while the U.S. central bank deliberated on whether to hike interest ...

Shaky consumer trust, labor cost hit holiday hires by US retailers

CHICAGO, Illinois: According to a report released by global outplacement and executive coaching firm Challenger, Gray & Christmas, U.S. retailers ...

U.S. stocks quiet ahead of Federal Reserve meeting on Tuesday

NEW YORK, New York - U.S. stocks stocks were quiet and little changed Monday, ahead of the Federal Reserve's monthly ...

Northrop Grumman, Lockheed sanctioned by China for sales to Taiwan

BEIJING, China: U.S. aerospace and defense firms Northrop Grumman and Lockheed Martin have been sanctioned by China for selling weapons ...

US

Section