Apple’s market cap briefly tops $US3 trn after relentless rally

Apple’s stock-market value briefly rose above $US3 trillion , shattering yet another record and underscoring how the pandemic has turbocharged Big Tech’s decades-long rise.

Concerns have bubbled up in some corners -- about a shortage of chips, reports of iPhone demand starting to taper off and the prospect of rising interest rates -- but investors large and small have focused on the global popularity of Apple’s products, the potential of new products to maintain its steady sales growth, and the company’s strong cash balance as reasons to keep buying the stock day after day.

The stock first reached $US1 trillion in value in mid-2018, and achieved a $US2 trillion valuation in August 2020. While it was the first US company to surpass that level, Saudi Aramco was the first $US2 trillion company overall.

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