Published -June 30th, 2023 @ 1:30 PM (GMT+2)
Apple Approaches Historic $3 Trillion Valuation
Apple Inc. is on the precipice of achieving a historic market value of $3 trillion, showcasing big tech's robust dominance on Wall Street. The tech giant's shares rose by 0.6% to $190.80 in Friday's premarket trading, pushing its market capitalization above the $3 trillion mark. This upsurge increases Apple's gain for the year to 46%, adding over $900 billion to its size.
Apple's performance over the past decade isn't accidental. Its successful business strategy, robust earnings plan, and a firm grip on consumers have allowed it to outperform. The company's strong balance sheet, dividend growth, active repurchasing program, and consumer staples-esque platform business have further solidified its position. This powerhouse performance, coupled with a durable revenue stream and an extensive user base, puts Apple in a different league compared to other tech titans.
Apple's Rally Continues Unhindered
Despite the cautionary downgrades received by Alphabet and Tesla, Apple's rally remains undeterred. Apple's shares have grown by more than 50%, setting new all-time highs regularly. Moreover, the firm's first half of the year performance is the strongest in over a decade, strengthening its candidacy for a long-term buy and hold. In contrast to Google and Tesla, Apple's most recent earnings report reinforced the fundamental support for its bullish stance.
The optimistic outlook of Dan Ives, an analyst from Wedbush, has spurred fresh optimism, predicting a $4 trillion market cap for Apple as it approaches the $3 trillion mark. Ives, a long-term Apple bull, forecasts that Apple's annual services revenue will hit nearly $100 billion this year and sets a price target of $220.
iPhone 15's Exciting Titanium Upgrade
Insiders have confirmed that the iPhone 15 Pro will replace the existing stainless steel frame with a lighter and more durable titanium alloy frame. Despite its higher cost, titanium's strength and weight benefits make it a worthwhile investment for the new iPhone 15 Pro and Pro Max models. The advent of a lighter iPhone with enhanced durability is a welcome change, considering that iPhones are some of the heaviest smartphones available.
The information on mexem.com is for general informational purposes only. It should not be regarded as investment advice. Investing in stocks involves risk. A stock's past performance is not a reliable indicator of its future performance. Always consult a financial advisor or trusted sources before making any investment decisions
