that tech giant Apple has maintained its crown as the unofficial king of Silicon Valley by achieving a $3 trillion market cap — a higher value than any publicly traded company has ever achieved. Tim Cook’s company enjoyed a 2.31 percent rise in share price Friday, catapulting it to this historic milestone.It hasn’t been a straight arrow up for Apple. Earlier this year the company’s value dropped below $2 trillion due to disappointing earnings.
The decline in demand for the iPhone 14 and production problems associated with the coronavirus in China put pressure on the company’s supply and significantly slowed the company’s growth. According to Bank of America analyst Wamsi Mohan, given that Apple is rumored to be planning to release a mixed reality headset later this year, the company’s stock could be a “tale of two halves in 2023” and that shares may rise as a result of “new product momentum.
Despite a rough beginning to the year, Shares of Apple have rebounded 46 percent off their lows. One of the driving forces behind this surge is the recent launch of Apple’s long-rumored augmented reality headset, the Apple Vision Pro. The headset, which is priced at $3,499, requires users to remain connected to a battery pack the size of an iPhone and is slated to go on sale next year.