Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

9 Dec 2021

Apple Rapidly Approaching $3 Trillion Market Value Amid Chip Shortage

The Index Today

The Index Today — More than four years after hitting the $1 trillion market cap in 2018, Apple Inc. is all set to reach $3 trillion in market value.

Craig Erlam, a Senior Market Analyst at Oanda, hailed it as a “phenomenal achievement” that underscores the supremacy of American tech companies in the global market.

Apple’s success can be attributed to a wide range of products that have garnered the company increased popularity among users. Despite the threats posed by the pandemic and higher interest rates, the tech giant has set itself apart from its competitors in the share market owing to its steady sales and growth rate.

Apple shares have risen by 1.6% priced at $174. Their shares have soared by 30% this year in addition to the 80% increase in 2020. Other trillion-dollar companies like Amazon, Microsoft, Tesla, and Alphabet have also experienced surges in stocks ranging from 10% to 70% in gains.

Susannah Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown contended, "Apple does seem to be more immune to the ebb and flow of economic forces just because of this really strong brand. Its new product pipeline is pretty strong too."

©Photo: AP Photo/Richard Drew

Clay pottery with table linens