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Apple stock quickly hits a 3 trillion dollar valuation based on market cap

After hitting record highs on Thursday, Apple (AAPL) stock opened Friday to quickly hit a 3 trillion dollar valuation based on market cap for the second time ever.

In addition to intraday trading highs, the milestone to beat will be holding on to the 3 trillion dollar market cap — something that hasn’t been done before, notes 9to5Mac.

However, Bloomberg‘s Mark Gurman doesn’t the Apple Vision Pro announcement as a significant factor in Apple’s stock gains. From his report: At least in the short term, the Vision Pro will only appeal to the earliest of early adopters — people like software developers, Apple fanatics and mixed-reality zealots. The product has a $3,500 starting price, its underlying technology is still getting refined, and users will have to carry around an external battery pack. Moreover, Apple has yet to spell out a truly compelling reason to use the headset.

Apple itself knows that the headset is going to have a slow start. It’s expecting to sell about 900,000 units in the first year, contributing a few billion dollars in revenue […]

Shareholders know these realities. So it’s certainly not the Vision Pro that has driven Apple to the brink of the $3 trillion mark.

Apple previewed the US$3,499 (and up) Vision Pro at this month’s Worldwide Developer Conference. However, it won’t be available until early 2024.

Article provided with permission from AppleWorld.Today
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