Apple Rapidly Approaching $3 Trillion Market Value Amid Chip Shortage

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