Tech News: Apple Becomes The World's First Company to Hit $3 Trillion Market Value

Apple achieved a record-breaking feat at the onset of 2022 after it became the world's first company to reach $3 trillion stock market value. Will the tech company continue to flourish this year? Here's what experts say

"Hey Siri, what is Apple's latest and record-breaking feat this year?"

If you're a big follower of anything tech, then you might have heard about Apple's latest value: a whopping $3 trillion in the stock market. Under the leadership of its CEO Tim Cook, the company reached a new milestone and investors say consumers will continue to shell out for their beloved iPhones, MacBooks, and services such as Apple Music and Apple TV.

What started as a small computer company in Steve Job's humble California garage in 1976 is now the world's first-ever brand to reach this benchmark. Its stock briefly eclipsed a $182.86 share before closing at $182.01.

The tech company's $ 3 trillion value is seen as a remarkable feat considering how rapid its recent ascent has been. Looking back, the brand also became the first American company ever to be worth $1 trillion in August 2018. It earned its next trillion in just 16 months and 15 days.

Above Steve Job's garage in California. This is where tech company Apple started in 1976. (Photo: The Denver Post)

Above Apple provides iPhones, Macbooks, and other services like Apple TV and Apple Music(Photo: Peter Bo/Unsplash)

According to Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, Apple's latest figure is worthy of a celebration. "It is a fantastic accomplishment and certainly worthy to be celebrated. It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors' eyes."

Meanwhile, Scott Wren, senior global market strategist at Wells Fargo Investment Institute said that the stock market is bound to reward Apple for hitting huge market caps. "The market is rewarding companies that have strong fundamentals and balance sheets, and the companies that are hitting these sort of huge market caps have proven they are strong businesses and not speculation."

It can be recalled that in January 2007, Apple's shares had climbed at 5,800 per cent after Jobs unveiled the first iPhone. In 2011, under Tim Cook, the company sharply increased its revenue from services like video streaming and music.

With their all their services combined, Apple reduced its reliance on iPhones to about 52 per cent of total revenue in 2021 from over 60 per cent in 2018.

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Here's How Apple Became the World's First $3 Trillion Dollar Company