:Apple Inc on Monday became the first U.S. company to hit US$3 trillion in market capitalization, thanks to investor confidence that the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and metaverse.
"The linchpin to Apple's valuation re-rating remains its Services business which we believe is worth US$1.5 trillion in the eyes of the Street," Wedbush Securities analyst Daniel Ives said. The rapid embrace of technologies such as 5G, AR/VR and artificial intelligence has also helped these stocks become market darlings as investors moved towards cash-rich companies and away from businesses that have been more sensitive to economic growth.
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