Apple Inc. (NASDAQ: AAPL) experienced a significant milestone today as its shares reached a record high, marking the first time in 17 months. The surge comes just in time for the company’s highly anticipated annual software developer conference. Despite this achievement, Apple’s market value is still shy of its all-time peak of $3 trillion.
Excitement is building as Apple is expected to unveil a groundbreaking mixed-reality headset at the Worldwide Developers Conference (WWDC) today. This will mark Apple’s first major foray into a new product category since the introduction of the Apple Watch nine years ago.
Currently, Apple’s shares are up 1.8% at $184.15, making it the most valuable publicly listed company in the world. Throughout 2023, the stock has experienced a remarkable 40% increase. It has outperformed the benchmark S&P 500, which rose by 11.5% during the same period.
Apple’s market capitalization reached a historic milestone of $3 trillion last year, making it the first company to achieve this feat. However, its current valuation stands at $2.89 trillion.
Industry experts believe that augmented reality and virtual reality could be the next major growth platform for Apple. According to Morgan Stanley analyst Erik Woodring, Apple’s expected dominance in the market for mixed-reality headsets makes this year’s Worldwide Developers Conference even more significant. It will have a direct impact on the company’s stock performance.
When comparing Apple to its industry peers, the iPhone maker boasts a forward 12-month price-to-earnings ratio of 28.39. This is significantly higher than the sector median of 12.79.
Apple is one of the few mega-cap companies that have played a pivotal role in this year’s stock market rally. The renewed interest in technology shares, driven by the growing popularity of artificial intelligence (AI), has brought attention back to companies like Apple after a challenging period in the previous year.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
