Interview Preparation

Apple is the first publicly traded company to close a trading day with a market value of $3 trillion. Shares of the company rose 2.31% on Friday to a new high. The tech giant hit a $3 trillion market capitalization for the first time in January 2022but failed to close at that level.

Apple shares have soared nearly 46% this year. The company’s stock market success this year is a stark contrast to that of 2022. Earlier this year, Apple’s market capitalization fell below $2 million in trading for the first time since early 2021.

The historic valuation for the tech giant comes on the heels of the launch of the Apple Vision Pro, its long-rumored augmented reality (AR) headset, earlier this month. The $3,499 headset, which requires users to stay connected to a battery the size of an iPhone, will go on sale next year.

Wall Street and Silicon Valley have added to the enthusiasm for AI that was sparked by the debut of OpenAI’s ChatGPT in late 2022. Since then, companies like Microsoft, Google, Nvidia, and Meta have jumped on the AI ​​bandwagon. Nvidia leads the S&P 500 with a 181% jump this year. Meta continues with a jump of 137%. Apple has largely stayed away from mentions of AI, while its competitors have jumped on the emerging technology.

It’s worth noting that four other US companies have a valuation of more than $1 trillion, including Alphabet, Microsoft, Amazon and Nvidia.

Apple posted stronger than expected results quarterly earnings in may, even as the tech giant’s sales and profits declined. The company’s results reinforced its reputation among investors.

Update 06/30/2023 4:00 PM ET: Article updated to note that Apple closed above a $3 youtrillions Market cap.