Apple reaches a value of $3 trillion, making it the most valuable company

SAN FRANCISCO — As markets closed Friday, Apple’s market capitalization was more than $3 trillion, making it the most valuable company ever.

It’s a huge milestone for the tech giant, which warned investors in May that revenue for the current quarter was expected to decline. But Friday’s share price, which rose just over 2 percent to close at $193.97 a share, suggests that investors remain confident in the company, a bright spot in an industry that has otherwise been rocked by layoffs and uncertainty over the past year.

Daniel Ives, a senior equity analyst at Wedbush Securities, said in a note Friday that it was a “historic day for the technology sector with Cupertino leading the way.”

The Cupertino, Calif.-based company stands in stark contrast to other major tech giants — such as Meta, Google and Amazon — which have slashed costs and laid off tens of thousands of employees over the past year. (Amazon founder Jeff Bezos owns The Washington Post. The Post’s interim CEO, Patty Stonesifer, is on Amazon’s board.) In May, Apple CEO Tim Cook said the company was slowing the pace of hiring, but layoffs were “a last resort.”

Apple’s record high comes weeks after it unveiled its $3,499 Vision Pro headset, a big bet on a device that has yet to be embraced by the wider public. Several other companies, including Meta and Snap, are also working on facial computers.

“Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year against a tougher backdrop as we firmly believe the opposite has happened with Cupertino heading into a massive renaissance of growth over the next. 12 to 18 months,” Ives said.

Apple set a similar record in January 2022 when it reached a market capitalization of $3 trillion during intraday trading, but it did not end the trading day at that level.

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