Apple Becomes First $3 Trillion Company

Apple became the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets, Reuters reported on Monday.

The iPhone maker’s advance was among the most eye-catching in a month marked by investor interest in the potential of artificial intelligence, with share buyers also particularly favoring companies with strong balance sheets and cash flows.

Apple’s most recent quarterly report in May showing its revenue and profits beat analysts’ expectations, and its track record of stock buybacks reinforced its reputation as a safe investment during global economic uncertainty, says Reuters.

The news comes as Apple is currently gearing up to launch the iOS 16.6 update, as they have recently introduced the iOS 16.6 Public Beta 4 for iPhone users. This upcoming release is expected to primarily focus on bug fixes and security patches, but it will also bring some significant updates for iPhone users.

Apple’s market value is at $3.05 trillion

According to a chart by Reuters, Apple’s market value is at 3.05 trillion. Microsoft is in second place with a market value of 2.53 billion followed by Saudi Arabian Oil on 2.08 billion.

Electric car maker Tesla Inc witnessed a 28% jump in its market capitalization in June and occupies the ninth place in the chart, one place below Meta, according to Reuters.

Apple, headquartered in Cupertino, California, is the fourth-largest personal computer vendor by unit sales and the second-largest mobile phone manufacturer in the world.

It is considered one of the Big Five American information technology companies, alongside Alphabet (parent company of Google), Amazon, Meta Platforms, and Microsoft.

Apple launched Apple Vision Pro

Last month Apple unveiled Apple Vision Pro, its first spatial computer. According to the tech company, it “seamlessly blends digital content with the physical world”. Starting prices for the product will be $3,499 and it will be available early next year.

The Apple Vision Pro features VisionOS, billed as the “world’s first spatial operating system,” which will reportedly enable users to interact with apps and digital content as if present in their physical space.

Tim Cook, Apple’s CEO, presented the new technology as an evolutionary step toward spatial computing, which will be as consequential as prior advances to personal and mobile computing. Apple says that the new technology will bring users “extraordinary new experiences”.

The tech giant said the new spatial computer “creates an infinite canvas for apps that scales beyond the boundaries of a traditional display and introduces a fully three-dimensional user interface controlled by the most natural and intuitive inputs possible — a user’s eyes, hands, and voice.”