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Apple (AAPL) tops $3 trillion market cap in intraday trading

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Apple (AAPL) tops $3 trillion market cap in intraday trading

The tech behemoth has set another valuation record today, topping a $3 trillion market cap.

Asif Khan

Asif Khan

June 30, 2023 10:30 AMCNN4

Apple Inc., already the largest company on Earth, topped a $3 trillion market capitalization ($191.09/share) in intraday trading today. This is the highest valuation ever achieved by a publicly-traded company, and another win for CEO Tim Cook who has been as focused on being liked by Wall Street as he has been on making products since succeeding Apple Co-founder Steve Jobs in 2011.

At the current $3 trillion valuation, Apple (AAPL) trades at nearly 48 times book value, almost 8 times sales, and around a 30 forward P/E. The company is also trading at a premium to its expected growth rate with a 2.5 PEG ratio. Many of these fundamental investing metrics are sitting near decade highs for Apple. The stock’s rise has also shrunk the expected annual dividend yield with shares currently paying out 0.5% per year. For a frame of reference, the 30-Day US Treasury Bill yields 5.25%.

Technology companies have all rallied off of the 2023 lows, with the NASDAQ 100 Index (QQQ) up 38.93% year-to-date. Investors have piled into the largest companies in the index, and many analysts have been upgrading their price targets for Apple following the WWDC 23 reveal of the Vision Pro headset and spatial computing platform. Investing sentiment remains a bit more bullish on Apple’s near-term future than the company itself. Apple CFO Luca Maestri did say the company expects revenues to shrink by 3% in the current quarter following a 31% drop in Mac revenue during Q2 2023.

Many people are indirectly investing in Apple’s stock. Many 401k plans, mutual funds, and ETFs all hold AAPL shares, and today’s news is a sign of the times more than a buy or sell signal. Market participants are clearly more confident in the US economy and the prospects of the larger technology companies, for now.

Keep it locked on Shacknews for all of the market-moving technology news as it breaks.


This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.

Full Disclosure:

At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:

Long Apple via AAPL shares

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