Both Microsoft and Amazon tread on heels of Apple as the most valued publicly traded US companies, respectively at nearly $1.6 trillion.
Just in two years within Apple became the first publicly listed US company with a $1 trillion (nearly Rs. 75 lakh crores) equity market value, the iPhone manufacturer has now reached its peak, currently valued at $2 trillion (roughly Rs. 150 lakh crores).
The Cupertino, California-based company’s shares concisely grew to as high as $468.65 (roughly Rs. 35,100) on Wednesday, corresponding to a market capitalization of $2.004 trillion. The stock was last up 1.2 percent at $467.62 (roughly Rs.35,073), providing Apple a market capitalization of $1.999 trillion.
Encouraged by bets on the long-term achievement of the country’s largest tech names in a post-coronavirus world, Apple’s shares have risen since blowout quarterly results in July that witnessed the iPhone manufacturer eclipse Saudi Aramco as the world’s most valuable listed company. Apple’s stock has raised by nearly 57 percent this far in 2020.
The rally attests increasing investor confidence in Apple’s shift toward depending less on sales of iPhones and even more on services for its users, consisting of video, music, and games.
Apple now reports for about 7 percent of the S&P 500’s total market value. Its market capitalization is almost corresponding to the joint values of the S&P 500’s 200 smallest firms.
Nonetheless, Apple’s most recent stock rally has left it potentially overestimated, in accordance with a hugely used metric. The stock is trading at 30 times more than analysts’ expected revenue, its maximum level in more than 10 years, as per Refinitiv.