After Nvidia and Microsoft, American technology corporation Apple became the third company in the world with a market capitalization of 4 trillion US dollars. This was reported by Bloomberg.
Shares of Apple Inc. rose by 0.4%, bringing the company’s market value to 4 trillion US dollars. This made the iPhone maker the third public company in history to surpass that mark, after Nvidia and Microsoft.
"The iPhone accounts for more than half of Apple’s profits and revenues," explained Chris Zaccarelli, chief investment officer at Northlight Asset Management.
The Cupertino, California-based company’s stock price has risen more than 56% since its April low. Overall, Apple added about $1.4 trillion to its market value, with optimism about its updated iPhone lineup and reduced customs pressure helping to boost shares.
“While Apple has yet to make a breakthrough in artificial intelligence, reaching the $4 trillion market cap club is a watershed moment for Cupertino and the big tech companies,” said Wedbush Securities analyst Dan Ives.
Evercore ISI, a brokerage firm, predicts that strong demand for Apple’s new iPhone models will allow the company to beat market expectations for the third quarter and provide updated guidance for the fourth quarter.
