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Apple is a $3 trillion company — again

Apple is a $3 trillion company — again


While developers start work on building Vision Pro apps, the potential for people upgrading to the iPhone 15 this year is a big reason for investor optimism.

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An illustration of the Apple logo.
Illustration: The Verge

The world’s most valuable company briefly crossed the $3 trillion mark on January 3rd, 2022, and today is the first time its market cap has reached that bar again, as individual AAPL shares showed a price above $192 soon after trading began on Friday.

Its share price maintained that level and eventually closed the day at $193.97, making it the first company to end a day with a market cap of over $3 trillion. Four other US companies are worth more than $1 trillion, led by Microsoft at around $2.5 trillion, along with Alphabet (Google), Amazon, and Nvidia.

Screenshot of Apple’s stock price at the end of the day on June 30th, 2023, showing it closed at $193.97 as of 4PM ET.
Screenshot of Apple’s stock price at the end of the day on June 30th, 2023.
Image: Apple

In May, CEO Tim Cook reported an all-time high for its installed base of active devices, as well as “an all-time record in services and a March quarter record for iPhone.” That was despite other divisions like Mac and iPad showing results that were down from the previous year, and since then, the company has launched a new 15-inch version of the MacBook Air laptop.

Five-day chart of AAPL stock price as it climbed above $192 per share
Five-day chart of AAPL stock price.
Image: Yahoo Finance

Analyst Dan Ives of Wedbush Securities has suggested it could hit a $4 trillion cap by 2025. In a note, he said 25 percent of the install base hadn’t upgraded phones in more than four years, which could lead to “a mini super cycle iPhone 15” when the new phones launch later this year.

While its AR platform and Vision Pro AR headset are still a long way from having any similar kind of impact, its potential also plays into the prediction, as he wrote “a new app store that will be built around this new form factor with the Apple developer moat a massive advantage in this tech battle for developers.”

Update June 30th, 5:09PM ET: Updated to reflect Apple’s closing price of $193.97.