Apple, the company that remains the "most valuable" in the world! Apple's stock price hits a new high, with a market value exceeding $3 trillion.
Apple's stock price has reached a historic high, with a market value exceeding $3 trillion, solidifying its position as the world's most valuable company. This is influenced by market expectations of a rate cut by the Federal Reserve, leading to a general rise in technology stocks. The recent surge in Apple's stock price is in stark contrast to last year's low point. Analysts predict that with the rebound in demand for smartphones and computers, Apple's revenue will accelerate again by 2024.
Zhitong App has learned that driven by market speculation that the Federal Reserve will soon start cutting interest rates as inflation slows down, technology stocks have generally risen, and Apple Inc. (AAPL.US) stock closed at a record high on Wednesday. Apple's stock price rose 1.7% to $197.96, surpassing the previous closing record set in July. Apple's stock price has risen 52% so far this year, with a market value of about $3.08 trillion, solidifying its position as the world's most valuable company.
Over the past month, Apple's stock price has risen along with other technology stocks, as there are signs that U.S. inflation is cooling down, the economy remains resilient, and U.S. Treasury yields are falling. On Wednesday, the Federal Reserve kept interest rates unchanged at its third meeting and projected a series of rate cuts next year, further reinforcing the above view. The yield on 10-year U.S. Treasury bonds fell to its lowest level since August last year, approaching a drop below 4%.
Apple's recent surge in stock price is a big turnaround compared to October last year when its stock price hit its lowest level in about five months due to concerns about its revenue growth and sales in the Chinese market. Compared to the same period last year, Apple's revenue for each quarter of the 2023 fiscal year has declined. Last month, the company predicted that holiday season sales would be roughly the same as last year, which disappointed some investors.
However, according to the average forecast of analysts, Wall Street predicts that the company's revenue growth will accelerate again in 2024 as demand for smartphones, laptops, and computers rebounds.