In a market that has yet to entice users other than video gamers and tech nerds, Apple has introduced its first-ever virtual reality headset to compete with Meta, the owner of Facebook.
Since introducing the Apple Watch in 2015, the renowned iPhone manufacturer’s release was the most significant.
On the flip side, the company’s stock was the only one to ever reach $3 trillion at the end of Friday’s trading. It has experienced the Nasdaq’s best first-half gain in 40 years thanks to a Big Tech stock wave.
Apple’s stock rose by more than 2% on Friday to a record high of $193.97. That stock price brought Apple’s outstanding share count to 15.7 billion, surpassing its previous market value.
Apple has previously reached this milestone before. During intraday trading on January 3, 2022, Apple crossed the $3 trillion threshold, but it did not end it.
The share price of the company closed on Thursday at a record high for the third day in a row, but it only moved 0.2% higher. Apple effortlessly outperformed the $190.73 level it expected to break $3 trillion at Friday’s market open.
The tech giant’s sky-high valuation follows its risky launch of the Apple Vision Pro earlier this month and a stronger-than-anticipated quarterly earnings report in May, despite a decline in sales and profit.
Tech journalists who had an early look at the Vision Pro, which will go on sale next year, were impressed. However, it is entering a relatively new market with little widespread consumer acceptance.
Apple intends to charge a hefty price of $3,499 for its headset, which has few apps and experiences and requires users to remain tethered to an iPhone-sized battery pack.
Apple’s (AAPL) stock has gone up 49% this year, assisted by a more extensive flood in Enormous Tech stocks as investors have bounced onto the simulated intelligence fad. With a 190% increase this year, Nvidia (NVDA) leads the S&P 500, followed by Meta (META) with a 138% increase.
The Nasdaq experienced its highest first-half percentage gain since 1983 when it experienced growth of 31.7 percent.
Apple’s success on the stock market this year contrasts sharply with 2022. Apple’s market cap fell below $2 trillion in trading for the first time since early 2021 at the beginning of 2023.
Wall Street ended the first half of 2023 on a positive note as the tech rally led markets to close higher for both the month and second quarter of the year.
The S&P 500 gained 6.5% in June, its best monthly performance since January. It also notched its third consecutive quarter of growth, up 8.3% in the second quarter. The S&P 500 is about 15.9% higher so far this year, its best half since 2019.