AAPL: Apple Stock Hits Unseen Milestone of $3.5 Trillion as Shares Soar to Record

iPhone maker is the first company to close above $3.5 trillion in value as share price growth has been here since April.

• Apple stock AAPL became the world’s first company to climb above a $3.5 trillion valuation. The formidable milestone comes after the iPhone maker’s breakneck rally that started in April. In the span of three months, the company has increased its market cap by more than 30%. That is, after it missed an AI-driven bonanza in the tech sector broadly. Shares are now sitting at a record closing high of $228.68.
• Apple unveiling its long-awaited AI strategy, Apple Intelligence, helped spark a run in the share price. The corporate giant finally joined the artificial intelligence race and now investors hope that this bet on the novel tech could help drive iPhone sales higher in the autumn quarter. For the spring quarter, Apple will update its financials on August 1. And while the company stopped providing forward guidance in 2020, markets expect quarterly revenue of $77.2 billion.
• Now off to some numbers for the curious. Since April 19, Apple has added a whopping $952 billion, or more than the entire valuation of EV maker Tesla TSLA and the worth of the seventh-biggest company in the US. Microsoft MSFT is a close second — the software maker’s valuation peaked at $3.475 trillion last week.