Apple’s market capitalization has again topped $3 trillion U.S. as the consumer electronics company’s share price rallies heading into year’s end.
On Dec. 5, Apple’s stock rose 2% to finish trading in New York at $193.42 U.S. per share, pushing the company’s market cap above the $3 trillion mark for the first time since August of this year.
The company’s stock has risen a total of 55% in 2023.
Apple’s market weighted value officially crossed the $3 trillion U.S. mark for the first time in June. The company’s stock hit an all-time high on July 31 as the broader market peaked.
Apple remains the world’s most valuable publicly traded company. It also buys back more of its own stock than any other company.
Investors continue to view Apple as a fortress company with significant cash flow, durable products such as the iPhone and iPad, and strong shareholder return programs.
Lately, Apple has been transitioning to its service businesses such as Apple TV as sales of its electronics slow, particularly in China.
In October, Apple reported $383.29 billion U.S. in total revenue, down about 3% from a year earlier.
In 2024, Apple will release its Vision Pro virtual reality headset, its first completely new product since launching the Apple Watch in 2014.
