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Apple Hits $4 Trillion Market Value, Becomes World’s Third Tech Giant to Cross Milestone
Apple made history on Tuesday by surpassing the $4 trillion market value mark, becoming the third major tech company to achieve this milestone. Strong demand for the new iPhone 17 series and iPhone Air has propelled the company's shares higher. While concerns persist about Apple's AI strategy, iPhone sales have dispelled all doubts.
Apple crossed $4 trillion market value for the first time on Tuesday, making it the third big tech firm to do so. Robust demand for its newer iPhone models has dispelled fears that the company has been lagging in the AI race.
According to news agency Reuters, Apple shares have risen nearly 13% since the launch of the new iPhone on September 9th. This is the first time this year that the company's stocks have reached positive territory.
CIO of Northlight Asset Management, Chris Zaccarelli, said, "The iPhone accounts for more than half of Apple's profits and revenue. The more iPhones are in people's hands, the stronger the company's ecosystem."
Apple shares were under pressure due to fierce competition in China and uncertainty surrounding US tariffs earlier this year. Investors were concerned about high taxes on the company's manufacturing hubs in Asian countries like China and India. However, the new iPhone 17 lineup and iPhone Air attracted customers from Beijing to Moscow within the first few weeks of launch. The company absorbed the high costs of tariffs.
