Apple cracks $900 billion in value
It’s official, Apple’s (NASDAQ:AAPL) market cap is worth a staggering $900 billion as of mid-day Wednesday putting the tech-giant on the path to become the first corporation to hit the $1 trillion mark.
The $175.30 per share price got Apple over the goal line for this latest milestone and the next key level to watch is $194.77.
Driving Apple’s recent leg higher was the company’s expectation topping fourth quarter earnings, as well as its new product launches including the iPhone X which has been met with positive buzz heading into the key holiday selling season. Separately, the company is reportedly working on an innovative new product to follow the iPhone; an augmented-reality headset, which could ship by 2020, according to Bloomberg.
Earlier this month, CEO Tim Cook made his view on AR clear. “We believe AR is going to change the way we use technology forever†he said on the company’s earnings conference call.
While Apple has long held the title of the world’s most valuable corporation, the stock has jumped 51% this year outpacing the double-digit gains for the Dow, S&P 500 and Nasdaq.
Plus, the company continues to maintain its cash war chest of around $268 billion as of the most recent earnings report, 94% of which sits outside of the United States.