In a remarkable surge, shares of tech monster Apple Inc. soared over 1% to reach a fresh all time high of $192 in morning trading, propelling the firm's market value to an astounding $3.02 trillion. The Cupertino based iPhone maker continues to reign as the sole $3 trillion corporation in history, a milestone it has crossed back in January 2022.
With a remarkable year thus far, Apple's shares have surged approx nearly 55%, that is hardening its position as the most valuable company in the world. The tech behemoth has extended its lead over other corporate giants example is Microsoft, the next largest giant, boasting a market capitalization of $2.5 trillion-almost $500 billion less than Apple's.
The exclusive trillion dollar club includes other noteworthy players such as Saudi Aramco ($2.1 trillion), Alphabet ($1.5 trillion), Amazon ($1.3 trillion), and Nvidia ($1 trillion). However, Apple stands out with a sizable lead after leaving its peers in its financial wake.
Looking ahead, Citi analyst Atif Malik expressed a positive outlook for Apple's future performance. In a note published on Friday, Malik indicated that Apple could potentially gain another 25% over the next 12 months. He underscored the underappreciated potential for growth in the company's profit margins. Setting a bold target price of $240 for Apple's stock, Malik believes that if Apple meets Citi's projections, this giant corporation could reach a staggering market value of $3.8 trillion.
In an astonishing revelation, it has been noted that Apple's worth is now comparable to the combined market values of some of the most valuable American companies. Specifically, Apple is worth near around as much as Tesla, Meta (formerly known as Facebook), Berkshire Hathaway, UnitedHealth and Visa-the sixth through tenth most valuable American companies-combined. This surprising fact further exemplifies the immense financial prowess and market dominance Apple has achieved.
As Apple continues to innovate and captivate consumers with its technological offerings we see there are no signs of slowing down them. With ongoing optimism from analysts and an insatiable appetite for Apple products worldwide, this firm appears poised for even greater accomplishments on the horizon.