Apple has won back its hard-fought $1 trillion market cap, after share prices rose following yesterday’s earnings triumph.
AAPL is currently trading at $213.20, giving it a market cap of just over $1 trillion. Shares rose 6% in early morning trading. This is a particularly triumphant moment for Apple after its stock price temporarily tanked at the end of last year.
This triumph is the latest incident in a turbulent year for Apple stock prices. In less than twelve months, we’ve seen Apple hit $1 trillion in value. Then it declined and even entered the sinister-sounding “death cross.” At one point, it recently appeared that it would post 10 straight days of gains — a feat not managed in years — only to fall at the last hurdle.
The $1 trillion club
Since Apple reached its $1 trillion landmark last summer, Amazon has also hit that high note, as has Microsoft. At time of writing, Amazon’s market cap is $954.7 billion, while Microsoft’s is $993.5 billion.
What does this change for Apple? In some ways nothing, aside from making investors happy. Tim Cook has spoken about how hitting the $1 trillion mark was “not the most important measure of our success.” However, it serves as a showcase that — even at a time of falling iPhone sales — investors have a whole lot of faith in the company.
Oh, and if you worry you’ve left it too late to start investing in Apple, don’t be. At least not according to Gene Munster. The noted investor recently argued that Apple stock is set to rocket up 70% in the next two years. This would make it a $1.5 trillion company.
