Apple shares closed at a record-breaking high on Tuesday. Despite a rocky start to the year, Apple has continued to see a steady incline in growth as the market continues to re-open.
As reported by CNBC, Apple Inc. stock rose 3% ($10.53) and reached a total of $343.99 per share. Amongst other companies such as Facebook, Microsoft, and Amazon, who all saw substantial growth as well, Apple reach a new all-time high. Currently, Apple has a market value of nearly $1.5 trillion.
This comes not months after Apple saw a significant decrease in value in March. Taking a toll from the effects of COVID-19, Apple’s stock dropped to a low of $224.37.
It’s no coincidence that Apple’s record-breaking high comes on the same day that reports indicate Apple’s transition to using its own ARM-based chips on future Mac products. Making the shift from utilizing Intel processors to its own chipset, Apple is said to make a full announcement during its virtual WWDC later this month.
Additionally, despite supplier constraints, demand for Apple products appeared to be consistent throughout the year. Apple has also launched a number of new products during the spring season. While many retail locations were closed due to the lockdown, customers were driven to Apple’s online outlets, all driving the company’s recovery during the last two months.
Apple’s recovery may very well continue to rise throughout the year. With additional products on the horizon such as a new flagship iPhone, Apple Watch, etc. It will be interesting to see how the company’s 2020 fairs as many companies, including Apple, could not foresee the effects brought by COVID-19.