Apple has made history by becoming the first publicly listed business with a market capitalization of $3 trillion at the end of a trading day. The iPhone behemoth has flirted with the historic valuation in the past but has yet to meet the market after trade on Friday.
According to TechCrunch, Apple has retained its unofficial throne as the unofficial king of Silicon Valley by reaching a $3 trillion market valuation – a higher value than any publicly listed firm has ever reached. Tim Cook's firm saw its share price jump 2.31 percent on Friday, propelling it to this historic milestone.
The tech company's rise has not been a straight line. Due to weak profits, the company's worth fell below $2 trillion earlier this year.
Despite a terrible start to the year, Apple shares have recovered 46 percent from their lows. The recent release of company's long-rumored augmented reality headset, the Apple Vision Pro, is one of the main causes behind this increase. The $3,499 headgear needs users to be connected to a power pack the size of an iPhone and is planned to go on sale next year. The excitement surrounding this product has surely helped Apple's gains, even if others dismiss it as “$3,500 snowboard goggles.”
Four other firms in the United States, including Google, Microsoft, Amazon, and Nvidia, have values that surpass $1 trillion. But, Apple's latest success distinguishes it as the market capitalization leader.