Apple’s stock price reached an all-time high on Wednesday, edging the iPhone maker closer to a historic $3 trillion market valuation.
The company’s shares reached a 52-week high of $189.50 per share on Wednesday as of writing, and its market cap now sits at $2.98 trillion, nearing the $3 trillion mark, which would make the company the first publicly traded company to hit that milestone.
It appears the tech sector is rebounding as investors flocking to other major tech stocks, such as Nvidia and Meta, along with rising interest in artificial intelligence companies such as OpenAI, behind ChatGPT.
Wedbush Securities analyst Daniel Ives said in a note to investors on Wednesday, “Apple is on the brink of joining the elusive and exclusive $3 trillion market cap club this week as the stock hits $190.73.”
“(Apple) ultimately navigated a myriad of China supply chain challenges along with a softer macro over the last 18 months in Rock of Gibraltar fashion and thus Cook and Cupertino find themselves back against all odds on the doorstep of the $3 trillion market cap threshold this week,” added Ives.
Ives predicts Apple’s market cap to reach $3.5 trillion and a bull case of a $4-trillion valuation by fiscal year 2025, noting Apple is playing “chess” while others “play checkers”.
Apple’s share price has rallied 50% in the past six months and year to date it’s up 51%.
