about 2 years ago • 1 min
Apple is poised to become the world’s first company to surpass a $3 trillion valuation in an indication of how dependent the US stock market has become on a handful of supremely successful tech giants.
The iPhone maker’s market value stood at $2.95 trillion as of 11am New York time on Monday, closing in on a $3 trillion market cap just 3 ½ years after it first breached the $1 trillion mark.
The chart shows Saudi Aramco’s valuation briefly eclipsed Apple’s after the world’s largest oil company joined the stock market in December 2019. But while the Saudi Arabian company’s market cap has remained fairly steady over the past two years, Apple’s has overtaken and eclipsed it.
With the all-important holiday quarter about to close, when Apple makes about a third of its annual revenue, investors are clearly confident the US tech giant can deliver a pleasant surprise when it reports results in the New Year.
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