Consumer electronics company Apple (AAPL) has become the first publicly traded company to achieve a $3 trillion U.S. market capitalization.
With s 54% year-to-date gain, Apple has become the first company in history to reach a $3 trillion U.S. market valuation and cemented its position as the world’s most valuable concern.
Apple is one of several large technology companies to see its stock rally in this year’s first half. The technology-laden Nasdaq index increased 33% in the last six months, its best first half to any year since 1983.
The tech rally has been driven, in large part, by investor enthusiasm for artificial intelligence (AI). However, people are also drawn to the stability of Apple, which has a strong balance sheet and free cash flow.
Apple also buys back more of its own stock than any other publicly traded company is one of the few mega cap tech stocks that pays a quarterly dividend to shareholders.
Apple reached a $1 trillion U.S. market capitalization in mid-2018 and hit a $2 trillion U.S. valuation in August 2020.
The iPhone maker briefly rose above $3 trillion U.S. in early 2022 during intraday trading but failed to close above that level. Apple’s stock then fell last year along with the broader market.
Microsoft (MSFT) is the only other U.S. stock with a valuation above $2 trillion U.S.
Apple’s stock is currently trading at $192.46 U.S. a share, up 54% since January.
