In what was a milestone for Apple, the company’s market cap closed above $3 trillion for the first time. According to a report by CNBC, shares of Apple are up by close to 49% year to date. In January 2022, Apple became the first company to hit the $3 trillion market cap. However, it did not make it to that level when the markets closed. This is the first time Apple — or any other company — has closed the market with more than $3 trillion valuation.
Big bets on Apple
Investors seem quite bullish on the growth of the Cupertino-based tech giant. Dan Ives, senior equity research analyst, in a note said that, “The Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year in a tougher backdrop to which we firmly believe the exact opposite has happened with Cupertino heading into a massive renaissance of growth over the next 12 to 18 months.”
He further said that a lot of Wall Street investors may have “severely” underestimated Apple’s growth. “The massive installed base upgrade opportunity around iPhone 14 and now a mini super cycle iPhone 15 ahead with roughly 25% of Apple’s golden customer base not upgrading their iPhones in over 4 years,” he added.
Apple’s roadmap of future products
Last month, Apple unveiled the VisionPro, its first spatial computing glasses, ushering in a new era of devices. In the next 18 months or so, Apple seems to have a busy schedule of new device launches. September should see four new iPhone models arriving. Apple is also expected to launch the second-generation of Apple Watch Ultra as well as the Watch Series 9.
According to Bloomberg’s Mark German, Apple also plans to refresh the MacBook Pro lineup with 13-inch, 14-inch and 16-inch models powered by the new M3 processor.
“There are also a few products in early development, including a third-generation version of the AirPods and new home equipment such as smart displays, as well as an Apple TV set-top box with improved specifications,” Gurman said.
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