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Apple becomes first company to hit $3 trillion market value

On the first day of trading in 2022, the
company’s shares rose to $182.88 in mid-day trading, a new record.

The world’s most valuable company is the first
to reach the milestone as investors bet that consumers will continue to shell
out top dollar for iPhones, MacBooks and services such as Apple TV and Apple
Music.

Apple’s march from $2 trillion to $3 trillion
in market value took about 16 months as its stock roared higher, leading a
group of megacap technology companies that benefited as people relied heavily
on tech during the coronavirus pandemic.

Meanwhile, the broader market was set to
extend a recovery from the pandemic shock, led by Tesla Inc and followed by
Apple and Nvidia.

Analysts expect demand for iPhones to remain
strong in 2022, as Apple leads China’s smartphone market and more consumers
subscribe its services.

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