Sharjah24 – Reuters: Apple Inc's market value hovered just shy of the $3 trillion mark on Monday, following a stunning run over the past decade that has turned it into the world's most valuable company.
The company’s shares fell just over 2% on Monday to close at $175.74, reversing earlier gains that saw them approach the $182.86 price needed to record a $3 trillion market value.
Apple’s stock rose about 11% last week, extending its more than 30% year-to-date gain as investors remain confident that flush consumers will continue to pay top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.
The iPhone maker's march from $2 trillion to near $3 trillion in market value took 16 months, as it led a group of megacap tech companies such as Google-parent Alphabet Inc and Amazon.com Inc that benefited from people and businesses relying heavily on technology during the pandemic.
By comparison, Apple's move from $1 trillion to $2 trillion took two years.
Among new revenue lines that investors expect are a possible Apple Car, alongside growth in service categories such as apps and TV that still remain well below the 65% of the company's revenues generated by sales of iPhones, said Daniel Morgan, senior portfolio manager at Synovus Trust Company.
Eclipsing the $3 trillion milestone would add another feather in the cap for Chief Executive Tim Cook, who took over after Steve Jobs resigned in 2011, and oversaw the company's expansion into new products and markets.
Apple shares have returned 22% per year since the 1990s, while the S&P 500 has returned less than 9% annually in the same period.
If Apple hits the $3 trillion milestone, Microsoft Corp will be the only company in the $2 trillion club, while Alphabet, Amazon and Tesla Inc have crossed $1 trillion.
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