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Apple $3 trillion market value
By J.Lo
“It’s fantastic accomplishment and certainly worthy to be celebrated,” Longbow Asset Management in Tulsa, Oklahoma , chief executive officer Jake Dollarhide said “it just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes.”
Apple Inc became first company to hit $3 trillion stock market value, before ending the day a hair below that milestone, as investors bet iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality.
On the first day of trading in 2022, the Silicon Valley company’s shares hit an intraday record high of $182.88, putting Apple’s market value just above $3 trillion. The stock ended the session up 2.5 percent at $182.01, with Apple’s market capitalization at $2.99 trillion.
Apple Inc (AAPL.O) earlier unveiled iPhone 13 and a new iPad mini expanding 5G connectivity and showing off faster chips and sharper cameras without raising phone’s price.
The Cupertino, California-based company did not announce any blockbuster features or products, but analysts expect customers hanging onto older models like iPhone X will be eager to upgrade. To encourage trade-ins, participating wireless carriers are offering incentives ahead of the year-end holiday season that to make the new phones free to some customers.
The iPhone 13 will have a new chip called A15 Bionic that enables features like automatically translating text. The phone also has a better display, longer battery life and a Cinematic mode for automatically changing focus while taking videos. Apple said the iPhone 13 will have custom 5G antennas and radio components for faster speeds and will come in five colors.
The phone will start at $699, and participating wireless carriers will offer up to $700 off for qualifying trade-ins. The iPhone 13 Pro starts at $999 and the Pro Max starts at $1,099, with trade-in offers of up to $1,000. All three models will be available Sept. 24.
The prices are unchanged from last year, but some carriers such as AT&T Inc (T.N) will offer devices for no additional charge with subsidies of up to $1,000 if customers trade in previous model and sign up for an installment plan.
Verizon Communications Inc (VZ.N) and T-Mobile US Inc (TMUS.O) offered similar deals but with slightly lower subsidies up to $700. The biggest subsidies will go to customers who turn in iPhone 11 and iPhone 12 models.
Ben Bajarin, head of consumer technologies at Creative Strategies, expects those aggressive subsides will increase as Apple and carriers try to hold onto customers.
“That offer is unique to Apple, and it’s a strength they have to keep these sales cycles going for them and for the carriers,” Bajarin said.
The iPhone is Apple’s most important product, but Apple has rolled out a web of service and other products that are seen as locking customers into a system they enjoy and would find expensive to leave.
The Series 7 smart watch will feature a larger display and faster charging. It will start at $399 and be available later this autumn.
The company also updated its iPad Mini with 5G connectivity and a reworked design that makes it look like the higher-end iPad Air and Pro models. Bob O’Donnell, head of TECHnalysis Research, said small tablet was Apple’s most surprising announcement and could lure in customers who want a device with 5G that can handle more powerful apps than a phone.
“I don’t think it replaces any other device, like we’ve seen Apple try to position some of the bigger iPads as PC replacements,” O’Donnell said.
The new iPad Mini’s price rose by $100, but it also added new capabilities like compatibility with the company’s Apple Pencil and a faster chip than the larger-screened base model iPad, bucking a trend of smaller screens being cheaper. Apple showed Mini in use by professionals like doctors.
Apple also updated its base-model iPad with a new camera. The new iPad will start at $329 and the Mini at $499. Both will be available next week.
Apple shares closed down about 1%, a sharper fall than a slight downturn in broader markets.
“It seems like there’s nothing really revolutionary announced, but of course, as usual, they announced enough improvements to at least generate some enthusiasm among consumers,” said Rick Meckler, partner at family investment office Cherry Lane Investments.
Apple’s biggest product launch of the year comes as some of the shine has come off its stock as business practices such as charging software developers commissions on in-app payments have come under regulatory scrutiny. read more
Apple shares were up about 11.6% year to date as of Tuesday’s close, trailing the Nasdaq Composite Index (.IXIC), which was up 16.7% over the same period.
Kim Forrest, founder and chief investment officer at Bokeh Capital, said she was not concerned by the lack of splashy, unexpected products, since Apple’s upgrades would keep customers. “I think the consumer, once it gets the Apple chip in its head, it’s very hard to dislodge,” she said.
The Apple Watch has become a cornerstone of its $30.6 billion accessories segment, which was up 25% in Apple’s most recent fiscal year even as its iPhone revenue declined slightly. Analysts widely believe that Apple users who buy more than one product – such as an Apple Watch and iPhone – are more likely to stick with the brand and spend on the company’s apps and services.
Apple focused on fitness features such as improving how the watch tracks bicycling workouts and dust protection for hiking. The watch is paired tightly with Apple Fitness+, a paid service offering guided workouts with Apple instructors. The company added pilates, skiing-oriented workouts and group workouts.
The world’s most valuable company reached the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.
Apple shared the $2 trillion market value club with Microsoft Corp, which is now worth about $2.5 trillion. Alphabet Inc, Amazon.com Inc and Tesla Inc have market values above $1 trillion. Saudi Arabian Oil Co is valued at about $1.9 trillion.
“The market is rewarding companies that have strong fundamentals and balance sheets, and the companies that are hitting these sort of huge market caps have proven they are strong businesses and not speculation,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
Apple’s shares have climbed around 5,800 percent since co-founder and former chief executive Steve Jobs unveiled the first iPhone in January 2007, far outpacing the S&P 500’s gain of about 230 percent during the same period.
Under Tim Cook, who in 2011 became chief executive following Jobs’ death, Apple has sharply increased its revenue from services like video streaming and music. That helped Apple reduce its reliance on the iPhone to about 52 percent of total revenue in fiscal 2021 from over 60 percent in 2018, pleasing investors worried the company relied too much on its top-selling product.
Still, some investors worry Apple is hitting the limits of how much it can expand its user base and how much cash it can squeeze from each user, with no guarantees that future product categories will prove as lucrative as the iPhone.
The rapid embrace of technologies such as 5G, virtual reality and artificial intelligence has also increased the allure of Apple and other Big Tech companies.
In China, the world’s largest smartphone market, Apple continued to lead for the second straight month, beating rivals such as Vivo and Xiaomi, recent data from CounterPoint Research showed.
With Tesla now the world’s most valuable automaker as Wall Street bets heavily on electric cars, many investors expect Apple to launch its own vehicle within the next few years.
“The icing on the cake, which may turn out to be the cake, is the potential for an EV car,” Rhys Williams, chief strategist at Spouting Rock Asset Management said.
Just as Apple’s market capitalization hits the $3 trillion milestone, its share price as percentage of the Nasdaq 100 index’s value is bumping up against key technical level. In recent prior times, the stock price has risen above such level and then subsequently declined.
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