Apple’s market cap exceeded $3 trillion on Friday, as the company’s shares rose approximately 1% to reach a new all-time high.
This figure also tops the necessary price of $190.73 to achieve this significant milestone.
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Although Apple became the first company to reach a $3 trillion market cap during intraday trading in January 2022, it did not manage to close at that level.
However, it now has another opportunity to accomplish this on Friday.
This development indicates that investors maintain a positive outlook on Apple’s stock and its diverse portfolio of products and services.
This is despite the company’s warning in May about an anticipated 3% decline in its revenue for the current quarter.
Amidst a turbulent year in the sector, where tech giants have committed to achieving more with fewer resources and have implemented significant employee layoffs, investors view Apple as one of the standout performers.
In a note on Friday, Dan Ives, a senior equity research analyst at Wedbush Securities, expressed his thoughts on Apple’s growth prospects.
He stated that many skeptics and critics who have called Apple’s growth story “broken” this year are scratching their heads.
In contrast, Ives firmly believes that the opposite is true, asserting that Cupertino is poised for a substantial period of growth in the next 12 to 18 months.
Ives further emphasized that the market has severely underestimated the immense opportunity presented by the upgrade potential of the iPhone 14 within the existing customer base.
“The Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year in a tougher backdrop to which we firmly believe the exact opposite has happened with Cupertino heading into a massive renaissance of growth over the next 12 to 18 months,” he said.
Additionally, he mentioned the forthcoming mini super cycle of the iPhone 15.
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Notably, approximately 25% of Apple’s loyal customer base has refrained from upgrading their iPhones for over four years.
Year to date, Apple’s shares have witnessed a remarkable increase of approximately 47%.
