Apple’s stock climbed to a record high close on Wednesday and was on the cusp of a $3-trillion market capitalization. | Reuters
“There hasn’t really been any new information fundamentally that would be supportive of the stock move,” said Thomas Martin, Senior Portfolio Manager at Globalt Investments. “What you’re left with is, you know, the market itself.”
Apple has jumped 46 percent in 2023, while Nvidia has surged 185, percent making it the first chipmaker with a stock market value over $1 trillion. Tesla and Meta Platforms have more than doubled this year, and Microsoft has added 40 percent. Apple’s approach toward its $3-trillion milestone follows the June 5 launch of a pricey augmented-reality headset, its riskiest bet since the introduction of the iPhone more than a decade ago.As well, Apple’s most recent quarterly report in May showed a drop in revenue and profits, but still beat analysts’ expectations.
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