Apple slips after hitting record $3 trillion market value

Apple Inc, on the first trading day of 2022, became the first company to hit a $3 trillion stock market value.

Yet, Apple slipped, ending the day at a $2.99 trillion market capitalization.

Earlier, the Silicon Valley behemoth had hit an intraday record high of $182.88, putting its market value just above $3 trillion.

Apple continues to be propped by investors bet that consumers will continue to spend big on iPhones, MacBooks and services such as Apple TV and Apple Music.

Apple has now left Microsoft at the $2 trillion market value club.

Reuters recounts that Apple’s shares have climbed around 5,800% 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% during the same period.