Apple Becomes First U.S. Company to Cross the $3 Trillion Capitalization Mark
Apple (AAPL) – Get Apple Inc. Report became the first U.S. company to reach $3 trillion in market capitalization Monday, as the computer giant briefly crossed the stunning milestone during intraday trading.
On the first day of trading in 2022, the company’s shares hit a record of $182.88 in mid-day trading.
Shares of the Cupertino, Calif. company were up 2.4% to $181.76 at last check.
Apple reached $3 trillion roughly 500 days after it first passed the $2 trillion level. In August 2018, Apple became the first American company ever to be worth $1 trillion.
Wedbush analyst Daniel Ives said Monday that while the supply chain shortages has dominated Wall Street conversation around Apple in the holiday quarter, he instead is focused on the robust consumer demand story shaping up for iPhone 13 into 2022, according to the Fly.
Ives maintained his outperform rating and a price target of $200 on the shares, with his bull case at $225.
Based on his supply chain checks over the last few weeks, Ives said he believes demand is outstripping supply for Apple by roughly 12 million units in the December quarter. That now will add to the tailwinds for the company in the March and June quarters, as the supply chain issues ease in the first half of 2022.
The analyst said iPhone 13 checks continue to be much stronger than expected heading into 2022, with his belief that Apple sold north of 40 million iPhones during the holiday season in a record number for the tech giant despite the chip shortage headwinds.
China remains a major source of strength for Apple.
Ives estimates Apple has gained roughly 250 basis points of market share in this key region over the last 12 months on the heels of its 5G iPhone 12-iPhone 13 Tag Team product cycle.