Apple became the first company ever to close a trading day with a $3 trillion valuation on Friday – hitting the milestone as investors look ahead to the highly-scrutinized releases like the iPhone 15 and the Vision Pro mixed-reality headset.
Apple previously became the first company in history to hit the $3 trillion mark in intraday trading on Jan. 3, 2022. But the shares ended up closing below the threshold and never crossed it again as the Ukraine invasion and rate hikes from the Federal Reserve began to slam tech stocks. At $3 trillion, Apple’s market value makes it larger than Alphabet and Amazon combined. It’s also worth nearly $500 billion more than its nearest rival, Microsoft, and eclipses the GDP of four of the world’s 10 biggest economies: France, Russia, Canada and Italy.
Wedbush analyst Daniel Ives, a noted Apple bull, has set a $220 price target for shares and argued in a note this week that a “fair valuation could be in the $3.5 trillion range with a bull case $4 trillion valuation” by fiscal 2025.