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Apple’s shares rose 0.84% to a new record high on Thursday of $185.5 per share. The company is now valued at $2.93 trillion, coming in a range of the landmark $3 trillion market cap. The stock has gained over 42% since the start of the year.

Apple Shares up 42% in 2023

Shares of Apple inked a new all-time high on June 15, 2023, the stock’s second consecutive record high in two days. When writing, the company’s shares traded at $185.5, up 0.84% on the day.

The tech giant’s stock experienced a notable dip earlier this month after it announced its first major product in nearly a decade – a virtual reality (VR) headset called “Apple Vision Pro.” Following the announcement, Apple’s shares slipped to $177.79 before embarking on another upward trajectory that propelled its price to a new peak.

With today’s surge, Apple’s share price is now up more than 42% since the start of 2023, marking an impressive comeback after a 27% drop in 2022. Apart from the broader tech market rally fueled by improving macroeconomic conditions, the company’s stock price increase was also driven by other factors such as stronger-than-expected financial results, remarkable cash flow, and a strong business model.

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Apple Edges Closer to $3 Trillion Valuation

Apple’s most recent stock price jump puts the company closer to hitting the landmark $3 trillion valuation mark and reinforces its position as the world’s biggest company by market cap. Microsoft and Saudi Aramco sit behind Apple, with market caps of $2.54 trillion and $2.09 trillion, respectively.

Other companies that are on the list of most valuable companies on the globe include Google owner Alphabet ($1.5 trillion), Amazon ($1.2 trillion), and Nvidia ($1.05 trillion). Companies that are below the $1 trillion threshold but still among the top 10 are Tesla ($816 billion), Warren Buffet’s Berkshire Hathaway ($741 billion), and Meta Platforms ($710 billion). 

Earlier this month, Wedbush analyst Dan Ives voiced his bullishness on Apple’s stock, saying he believes the company could be worth $4 trillion by fiscal 2025. One of the factors that could play a major role in Apple’s future growth is the imminent iPhone 15 product cycle which could prove to be “another trophy case moment” for the Cupertino, California-based company. 

Would any other company threaten Apple’s position as the world’s most valuable business in the next few years? Let us know in the comments below. 

About the author

Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.