WWDC 2023: Apple’s Stock Hits Historic All-Time High

Apple shares rose to their highest price in the company’s 43-year history early on Monday as the biggest corporation in the world continues to grow.

ESSENTIAL FACTS

  • The stock increased 1.8% during morning trade, breaking its previous record high of $182.94 set in January and reaching a high of $184.36.
  • Shares of the Silicon Valley juggernaut are up over 47% in 2023, reversing their 27% decline from the previous year and leading the tech sector’s overall recovery year to year.
  • Hours before Apple’s Worldwide Developers Conference, where it is anticipated to introduce its mixed reality headset, one of its most major new product releases in the previous ten years, the rally on Monday took place.
  • Apple is currently valued at more than $2.9 trillion on the market, which is over $400 billion more than Microsoft, the second-most valuable public company in the world.

GREAT NUMBER

$2,8 million. That is the current value of a $1,000 investment made during Apple’s IPO in 1980, when shares were trading at a split-adjusted figure of $0.10.

Image: apple.com

GENERAL CONTEXT

Apple’s market worth has increased by over $820 billion this year, surpassing the combined total valuations of Berkshire Hathaway, Meta, and Tesla. Over the past year, the general market opinion for large-cap tech companies has substantially changed from pessimistic to positive, in large part because to Apple’s top- and bottom-line beats in the first quarter of 2023. A record $20.9 billion in quarterly revenue from Apple’s services sector, which includes App Store sales and other non-product income sources, helped the company post outstanding financial results. Bank of America analysts Wamsi Mohan and Ruplu Bhattacharya increased their price estimate for Apple by 8% to $190 in a Sunday letter to clients, noting considerable potential growth in the company’s services business as a result of the new headset.

ESSENTIAL QUOTE

“The bar is set low” for the headset to excite investors since “nobody expects this to be a financially meaningful product near-term,” Rosenblatt analyst Barton Crockett wrote Monday. “Apple will have a chance to highlight what it does best: Quality, in a premium priced product.”

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