Apple is poised to become the world’s first $3 trillion company with shares up today some 2.85% raising the company’s current value to $2.789 trillion.
The jump was sparked by analysts at Morgan Stanley putting a target of $200 on Apple shares, which would leave it worth more than $3.2 trillion. The investment bank said investors are underestimating the value of its potential new products.
It came as a report said that Tim Cook, Apple’s chief executive, had committed to spending hundreds of billions of dollars in China to appease Beijing authorities. He brokered a $275bn deal to invest in Chinese companies, manufacturing and research partnerships with universities in 2016 in a bid to ward off regulators in the country, The Information website reported.
The company co-founded by Steve Jobs has held the crown of the world’s most valuable firm for most of the last decade and in 2018 became the first to hit a trillion-dollar valuation.
It reached the $2 trillion mark just last year and shares have climbed another 40pc since then.
The analysts predicted that an Apple VR headset could bring in $29bn a year in revenue by 2026. “The consensus view is that the real catalyst for mass market AR/VR adoption will come when Apple enters the market,” said Morgan Stanley.
MacDailyNews Take: Up, up, and away!
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!