Apple is within striking distance of a $3-trillion (roughly Rs. 2,26,34,700 crore) market capitalisation, a milestone which would make it as big as the world's fifth largest economy after Germany.
Shares of Apple were up 1.6 percent at $174 (roughly Rs. 13,140). They need to trade at $182.85 (roughly Rs. 13,810) to hit the mark and cap a strong rally that has been powered by investors betting on its brand and viewing it as a comparative safe haven.
The stock has jumped about 30 percent this year on top of an 80 percent surge in 2020. In comparison, the S&P 500 has risen 25 percent for the period.
"Apple does seem to be more immune to the ebb and flow of economic forces just because of this really strong brand. It's new product pipeline is pretty strong too," Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said.
"There is an expectation that Apple is still going to come for you even though there have been some weaknesses in getting hold of the handsets and making sure that they're available for the public."
Apple hit the $1 trillion (roughly Rs. 75,50,560 crore) in market capitalisation in 2018 and took two years to double that valuation.
The stock has already breached Wall Street's median price target by $4 (roughly Rs. 300), with a majority of analysts covering the stock rating it "buy" or higher.
Apple briefly lost its title as the most valuable company to Microsoft earlier this year after CEO Tim Cook's comments on supply chain woes and the struggle to procure semiconductors and components to make smartphones and laptops.
Microsoft is about $500 billion (roughly Rs. 37,75,635 crore) short of reaching $3 trillion (roughly Rs. 2,26,34,700 crore) in market capitalisation.
© Thomson Reuters 2021
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