Apple stock is soaring higher than ever, reaching a new record all-time high price as the market opened today. The stock trading under the ticker AAPL is currently trading at $191.75, which is 1.14% up compared to yesterday’s closing price of $189.59.
In the process, Apple has once again crossed the elusive $3 trillion market capitalization mark, a feat that the company previously achieved more than a year ago on January 3, 2022. The $3 trillion figure solidifies Apple’s position as the most valuable public company in the world, extending its lead over Microsoft, Saudi Aramco, Alphabet, and others. The record valuation also rivals the GDP of many developed countries, including the UK, France, and Canada.
At the time of writing, AAPL is trading at just shy of $192, achieving a market cap value of $3.02 trillion.
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AAPL has enjoyed quite a strong year so far as Apple navigates a difficult global economic scene. The stock is nearly 52% up year-on-year and could rise even more on the back of new products which are yet to hit the market including Vision Pro, the iPhone 15, and more. The iPhone, in particular, has enjoyed strong momentum this fiscal year as it hit a new revenue record during the first calendar quarter of this year amid a stagnating global smartphone market.
Looking forward ahead, analysts are largely optimistic about Apple’s growth in the short and long term. In a Wedbush Securities research note seen by Supercharged, Apple analyst Daniel Ives predicts the company to experience a “mini super cycle” with the iPhone 15, as the firm estimates that 25% of the global iPhone user base have not upgraded their iPhones in over four years, making them ripe for an upgrade.
The firm also predicts “sheer massive potential” growth for Apple’s Services sector, expecting it to generate over $100 billion in annual revenue by 2024. The note finally mentions that Apple’s market cap could cross an astounding $4 trillion in 2025 if hardware and services continue their current momentum.
