Apple is on the cusp of hitting a major milestone as the company is close to reaching a $3 trillion market cap, the largest S&P 500 stock by far, according to CNBC.
- The stock is 2% away from trading at $182.86, which would give the company this edge. Currently, shares are up more than 35% this year alone.
- “Fully cognizant that the stock is in a massive gamma squeeze right now, I still think Apple is probably going to be the most interesting stock into the next year for two very simple reasons,” said Boris Schlossberg, managing director of FC strategy at BK Asset Management, per CNBC. “They are the only company amongst the mega cap FANGs that is producing two radically new products with the Apple Car and the augmented reality/virtual reality product that hopefully is going to come out sometime next year.”
Apple crossed the $1 trillion threshold in August 2018, and passed $2 trillion in August 2020. According to CNN, the company has a booming demand for the iPhone 13, the new installment of the device, along with other models and subscript services such as Apple Music, Apple TV+, iCloud and the App Store.
- Sales have surged 30% in Apple’s most recent quarter alone to more than $83 billion.
The trillion-dollar club includes Microsoft, worth $2.6 trillion and Google, worth $2 trillion, along with Amazon and Tesla a bit further behind, per the report.