Apple’s market cap closes above $3 trillion for the first time ever

An appleThe market cap closed above $3 trillion for the first time on Friday as its shares rose about 2.31% to a new high and passed the $190.73 price needed to reach the milestone, according to the latest CNBC stock count .

Apple was the first company to reach a market capitalization of $3 trillion during intraday trading in January 2022, but failed to close the market at that level.

That shows investors remain bullish on Apple’s stock and portfolio of products and services, despite the company warning in May that its revenue for the current quarter is expected to fall by about 3%.

Investors see the company as one of the bright spots during a year of turbulence for the sector, with tech giants pledging to “do more with less” amid a “year of efficiency” and cutting thousands of jobs.

“Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year against a tougher backdrop, against which we strongly believe the opposite has happened with Cupertino, which is headed for a massive growth renaissance over the next 12 to 18 months,” Dan Ives, senior equity research analyst at Wedbush Securities, said in a Friday note.

“In our view, the Street has grossly underestimated the possibility of a massive installed base upgrade around iPhone 14, and now we have a mini iPhone 15 super cycle coming up with roughly 25% of Apple’s gold customer base not upgrading their iPhones in over 4 years,” he added.

Apple shares are up about 49% year to date.