Apple has become the third Big Tech company to briefly surpass a $4 trillion market value, driven by strong demand for its new iPhone models.
The company’s stock touched $269.89 on Tuesday, giving it a valuation of $4.005 trillion before easing slightly to close the day up 0.1% at $3.992 trillion.
Apple’s shares have risen about 13% since the launch of its latest products on September 9, marking a sharp recovery that pushed the stock into positive territory for the first time this year. “The iPhone accounts for over half of Apple’s profit and revenue, and the more phones they can get into people’s hands, the more they can bring users deeper into their ecosystem,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
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