Apple AAPL has a market value of $3 trillion. The tech giant passed the $182.86 mark on Monday, making it the first publicly traded company in history to hit such a market valuation. Shares were above and below the number during the day.
Apple's market cap rose to $3 trillion based on its stock price less than two years after its market cap hit $2 trillion. Microsoft MSFT could be on its way to the $3 trillion mark after topping $2 trillion in June.
Apple's rise to $3 trillion comes because of the success of its iPhone line, which has spawned accessories like Apple Watch and AirPods, not to mention services like AppleCare, the App Store, Apple Music and Apple TV. Apple s latest generation of hardware has been hit by the same supply chain issues that affect everything from car manufacturers to home appliance makers. According to Bloomberg, the company had cut its iPhone production goal by 10 million units in October due to supply constraints.
Nikkei Asia reported that Apple's manufacturing partners in China were getting days off when they would normally be working full throttle to ramp up device availability for the holiday season.
Apple has also introduced some major innovations in the year 2021, including the launch of its powerful M 1 Pro and M 1 Max chips for its MacBook Pro laptops. Apple has more control over design and performance thanks to the chips that allow Apple to ditch Intel's own processors.
Apple's rise to $3 trillion hasn't been without controversy. The company has been called out for its cooperation with the Chinese government, including its censorship policies and its need to store user data there. Apple says it complies with the laws pertaining to local entities that control customer data and provides data as legally required. Like its Big Tech compatriots, Apple is dealing with antitrust issues. In August 2020, Epic filed suit against Apple, claiming it violates antitrust laws by forcing developers to use its in-app payment system, which automatically grants Apple a 30% fee for each purchase.
The judge said that Apple should allow third-party developers to add external purchasing options to their apps, despite the fact that the company came out of suit uncathed. Apple is appealing the ruling.
The company is reportedly facing a possible antitrust battle with the Department of Justice, which is said to be preparing its own case against the iPhone maker. It would likely focus on Apple's control of the iPhone and its iOS operating system. Nvidia's $40 billion Arm deal is not a huge loss - it is not a huge loss.
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