Apple is close to becoming the first public company valued at $3 trillion
Jun 30, 2023, 11:20 AM
(AP Photo/Kathy Willens, File)
SAN FRANCISCO (AP) — Apple is near to becoming the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits.
As of 2 p.m. ET Friday, Apple shares were up almost 2%, bringing its intraday market value to $3.04 trillion. Apple is one of a handful of technology companies, including Microsoft and chipmaker Nvidia, that have helped drive the S&P 500 to a gain of more than 15% in the first half of the year.
The 47-year-old company co-founded by Silicon Valley legend Steve Jobs had briefly eclipsed a $3 trillion market value on back-to-back days in January 2022, but couldn’t hold on by the time the market closed.
Microsoft is the second-most valuable public company at $2.53 trillion. Oil giant Saudi Aramco has a market value of $2.08 trillion.
Although the significance of reaching a $3 trillion market value is largely symbolic, its magnitude is still breathtaking.
Consider, for instance, that $3 trillion could buy nearly 9 million homes in the U.S., based on the average sales price during the past year as calculated by Zillow.