Apple hits US$3 trillion in market capitalisation as world's most valuable firm

NEW YORK: Shares of iPhone phone maker and consumer tech giant Apple hit record highs, crossing US$3 trillion in market capitalisation to become the world's most valuable company, trading data showed.

Apple's stock hit a lifetime high of US$182.87 on Monday to exceed the US$3 trillion valuation, data tabulated from New York's Nasdaq platform for Big Tech stocks showed, reported Sputnik.

The tech powerhouse reached the milestone on the first trading day of the New Year after Wedbush Securities analyst Daniel Ives provided a positive outlook on the company for 2022.

Ives said in a research note that demand outstripped supply for Apple in December sales. The analyst added that he believes Apple sold over 40 million iPhones during the holiday season, a record number despite chip shortages. He added that China remains a major source of strength for the company.

That aside, Apple's upcoming iPhone SE 5G has potential to attract nearly 1.4 billion low- to mid-end Android users and about 300 million users of older iPhone models, analysts have said.

As Apple's stock climbed in the past several months, analysts have also raised their price targets, with J.P.Morgan and BofA Global Research upping their expectations to US$210 a share. Such a target would put Apple's market capitalisation at about US$3.5 trillion.

-- BERNAMA