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With Nvidia hot on its heels, and Microsoft ahead, Apple stock gains in recent weeks has returned the company to a $3 trillion valuation at market open on Wednesday morning.
Apple’s stock has seen a resurgence since the company revealed its second fiscal quarter results. Following its better than expected quarter, Apple recovered nearly its entire losses for the year.
And, since then, it has gone green on the year.
On Wednesday morning at opening, it crossed the $195.63 price, which puts it over $3 trillion in valuation for the first time since December 2023, based on late-April filings for outstanding stock shares. The actual valuation is a little hazy, as Apple continuously buys back its stock — and is in the process of another big buy-back.
In January 2022, Apple became the first company to reach a $3 trillion market capitalization, but then that market cap figure steadily decrease over the next year.
That decrease brought Apple back under $3 trillion, but it happened chiefly because of what were described as investor jitters.
This pattern repeated itself in June 2023, as Apple’s valuation went back up over $3 trillion — only to again fall steadily immediately afterwards.
Apple started the year at $184.93. It had a rough early spring, though, with the stock falling as low as $165.00 on April 19.
Just two weeks later, it beat Wall Street expectations for the quarter, increased its dividend, and launched another massive buyback program. As a result, Apple stock has seen a big value recovery since.
Microsoft is sitting at about $3.07 billion in valuation and has been on a general upward climb in 2024. Nvidia has more than doubled its share price since the start of 2024, and is sitting at about $2.8 trillion.
