Jun 30, 2023 - Economy

Apple closes at $3 trillion market cap

Apple market cap
Data: Factset; Chart: Axios Visuals

Apple closed the trading day Friday with a $3 trillion market cap — becoming the first company to reach the milestone.

Flashback: The iPhone maker became the first company to reach a $3 trillion market cap in intraday trading in January last year, but it failed to close at that level.

  • In 2018, Apple became the first U.S. publicly traded company to be worth $1 trillion — a high-water mark that took more than four decades to achieve.

The big picture: As the biggest of the new magnificent seven on Wall Street — made up also of Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta — Apple has a "phenomenal" balance sheet and business strategy that works, Jonathan Curtis, director of portfolio management for Franklin Equity Group, tells Bloomberg.

What to watch: With the Nasdaq up some 30% so far this year — its best first half in 40 years — last year's pullback from tech is firmly in the rearview mirror, thanks in part to AI's recent boost to the sector.

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