Apple on Wednesday became the first U.S. company to reach the $2 trillion market value level. Apple shares hit the milestone by surpassing $467.77 early on in the trading session, and then extended gains into the afternoon.
Apple’s achievement comes quickly after the company’s valuation eclipsed $1.5 trillion in June.
For long-time Apple watchers, the next stop on the Apple freight train is in sight.
“By 2023, we believe given super-cycle potential and services business,” Wedbush Securities analyst tech analyst Dan Ives told Yahoo Finance via email when — and why — Apple may hit a $3 trillion valuation. Ives has consistently said that Apple would climb over the $2 trillion valuation level by the end of 2020. It did so about four months ahead of Ives’ schedule.
“While the soft macro and COVID backdrop are weighing on near-term consumer demand trends, Apple has a “once in a decade” opportunity over the next 12 to 18 months as we estimate roughly 350 million of Cupertino’s 950 million iPhones worldwide are in the window of an upgrade opportunity,” Ives wrote in a note to clients earlier this month.
MacDailyNews Take: Yup.
The multi-year super cycle that’ll be kicked off by “iPhone 5G” looms! — MacDailyNews, January 17, 2020