What you need to know
- Apple is now worth more than $1.5 trillion.
- Shares are climbing through a valuation of more than $350.
- Shares jumped yesterday following reports of ARM-based Macs that might get announced at WWDC.
Apple has become the first-ever U.S. company to achieve a valuation of $1.5 trillion after shares climbed 2.5% this morning.
As reported by MacRumors:
After a strong performance yesterday that pushed Apple's stock price to another record high, shares are up over two percent again today. With today's boost, Apple's market capitalization has surpassed $1.5 trillion, making it the first U.S. company to reach that mark.
Yesterday, Apple closed at an all-time-high share valuation following rumors it would announce the move to in-house ARM Macs at WWDC, ditching long time processor partner Intel. From that report:
While all tech stocks are doing well at the moment, Apple's particular surge is of note because it comes on the same day that rumors broke of a big new Mac announcement, potentially happening this month. Rumors of Macs with ARM processors inside aren't new, but a report that they'll be announced during WWDC has the market abuzz. And it's sure unlikely to hurt Apple's share price, too.
Apple has around 4.3 billion outstanding shares, which, when multiplied by the share price gives the company its mammoth valuation. Apple's share price has endured a torrid few months, falling dramatically in February because of the COVID-19 pandemic and warnings Apple would not meet its Q2 revenue guidance. Now seemingly on the other side of the disruption, the price has enjoyed a meteoric recovery, with the share price climbing nearly $30 in the last week alone.