Apple is once again worth a whopping $3 trillion. Hitting this market capitalization milestone reflects what an amazing 2023 the company is having, considering its market cap dropped below $2 trillion at the beginning of the year.
The company previously surpassed the triple-trillion mark 18 months ago.
Apple market cap passes $3 trillion, then $2 trillion and now $3 trillion
The AAPL share price has been on a bit of a rollercoaster ride during the post-pandemic period. As a long-term trend, the Mac-maker has been going up, up up: It’s worth more than 10x what it was 10 years ago. But in recent years, it’s seen some significant swings.
In January 2022, it became the first publicly traded U.S. company to be valued at $3 trillion. But almost exactly a year later, it slipped below the $2 trillion mark. And now the Apple market cap is once again back over $3 trillion.
Another way to phrase that is that Apple had a rough 2022. Analysts predicted a drop in consumer demand for computers of all types with everyone headed back to the office after COVID-19, and investors believed them. Plus, Cupertino had problems meeting iPhone 14 demand at the peak of sales.
But investors shook off their worries in 2023. The share price is up 53% so far this year.
This might not mean what you think it means
Apple hitting the $3 trillion market cap doesn’t mean CEO Tim Cook has a giant pile of cash in a secret warehouse. In fact, Apple doesn’t own this money at all — something many non-investors don’t understand.
A company’s market capitalization is the total value of all its outstanding shares. So the people who have the $3 trillion are the ones who own AAPL stock.
Read a guide written by experts for more details.
