Apple surpasses $3 trillion market cap, setting historic milestone

Apple has achieved an unprecedented milestone, becoming the first publicly traded company to conclude a trading day with an astonishing $3 trillion market value. Bolstered by a notable 2.31% surge in its shares on Friday, the tech giant has experienced an exceptional upswing, with its stock skyrocketing by nearly 46% this year. This remarkable achievement holds particular significance, given that Apple's market capitalization had briefly surpassed the $3 trillion mark in January 2022 but had not closed at that level.

Apple surpasses $3 trillion market cap, setting historic milestone

In 2023, Apple's remarkable stock market success can be largely attributed to its flagship product, the iPhone. Having sold over 2 billion units since its introduction in 2007, the iPhone remains a major revenue driver for Apple, accounting for nearly half of its annual earnings. The iPhone's dominance in both the US and Chinese markets is evident, with all top five best-selling smartphones in the US being iPhones, and four out of the top five spots in China also belonging to Apple's device. Despite recent challenges, Apple showed resilience in the second quarter of 2023, achieving record-breaking iPhone revenue of $51.334 billion, surpassing previous years.

Unlike some competitors who heavily embraced artificial intelligence (AI), Apple has taken a different approach, with limited emphasis on the emerging technology. Nevertheless, the company's success can be attributed to various factors, including the launch of the highly anticipated Apple Vision Pro, an augmented reality (AR) headset set to revolutionize the AR industry. Strong quarterly earnings in May further solidified Apple's reputation among investors, reaffirming its position as a leader in the tech industry. With a focus on innovation and unwavering customer loyalty, Apple is poised to maintain its impressive trajectory and continue shaping the future of technology with groundbreaking products.

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