Apple Set a New One-Day Market Cap Record on Thursday

Apple on Thursday set a new stock market record for one-day gains in market capitalization after adding a whopping $190.9 billion USD to its valuation — reports Bloomberg.

The iPhone maker is currently the world’s most valuable company by market cap. Apple’s Thursday rally beat Amazon’s $190.8 billion surge from February. What’s more, Apple now boasts four of the top five biggest daily gains in market cap on the U.S. market.

The entire world is weathering economic headwinds, but Apple’s still soaring the skies. Apple last month reported record fourth-quarter revenue of $90.1 billion, along with a whopping $394.3 billion in revenue for its fiscal 2022.

Apple shares were trading at $149.07 USD at the time of writing, up 1.50% in the day, with a total market capitalization of $2.37 trillion.

That said, it’s not all sunshine and rainbows for the Cupertino, California-based tech giant. Apple’s supply chain is in a bit of a pinch heading into the holiday season, by virtue of its reliance on China for the bulk of production.

Last week, Apple warned of a drop in supply for its latest flagship, the iPhone 14 Pro, because of a resurgence of the COVID-19 virus in Zhengzhou, China, and the re-implementation of prevention measures to combat its spread.

What’s more, Apple has reportedly cut iPhone 14 production by three million units due to waning demand in the company’s busiest quarter of the year.