Topline
Apple shares hit their highest price in the stock’s 43-year history early Monday, as the world’s largest company continues to grow.
Apple shares have risen dramatically during the tenure of CEO Tim Cook.
Key Facts
The stock gained 1.5% in morning trading, hitting as high as $183.99, shattering its prior all-time high of $182.94 achieved last January.
Shares of the Silicon Valley behemoth are up some 47% in 2023, erasing its 27% slide last year and captaining tech’s broader rebound year-to-date.
Monday’s rally comes hours ahead of Apple’s Worldwide Developers Conference where it is expected to unveil its mixed reality headset, one of its most significant new product launches over the last decade.
Apple’s market capitalization now sits at about $2.9 trillion, about $400 billion richer than the next most-valuable public company on the planet, Microsoft.
Big Number
$1.8 million. That’s how much a $1,000 investment at Apple’s 1980 initial public offering—when shares traded at a split-adjusted level of $0.10—would be worth now.
Key Background
Apple has tacked on roughly $820 billion in market cap this year, which is more than the total respective total valuations of Berkshire Hathaway, Meta and Tesla. Broad investor sentiments for mega-cap tech stocks have shifted dramatically from bearish to bullish over the last year, thanks in no small part to Apple’s top- and bottom-line beats during 2023’s first quarter. Fueling Apple’s strong financials was a record $20.9 billion in quarterly revenue from its services segment, which includes App Store sales and other non-product revenue streams. In a Sunday note to clients, Bank of America analysts Wamsi Mohan and Ruplu Bhattacharya, raised their price target for Apple by 8% to $190, citing significant upside in the company’s services segment thanks to the new headset.
Further Reading
Apple Beats Quarterly Profit And Sales Estimates—Led By Record Services Revenue (Forbes)
These 7 Tech Stocks Command Almost 90% Of The S&P 500’s Gains—Signaling Market Rally May Not Be So Healthy (Forbes)
Source: https://www.forbes.com/sites/dereksaul/2023/06/05/apple-stock-hits-all-time-high/