Apple Breaks $3 Trillion Market Cap, Sets New Record High: Can The iPhone Maker's Stock Keep Climbing?
Portfolio Pulse from Piero Cingari
Apple Inc. has become the first US company to reach a $3 trillion market cap, with its stock rising 1.3% to a new all-time high of $192. This has resulted in a $500 billion lead over its closest competitor, Microsoft Corp. Apple's stock has gained about 53% this year, marking its best-performing semester since January 2009. However, Apple's current forward P/E ratio of 30, significantly higher than its 10-year historical average of 18x, might trigger worries about the stock's current overvaluation.
June 30, 2023 | 1:47 pm
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NEGATIVE IMPACT
Microsoft Corp. is currently trailing behind Apple by $500 billion in market cap.
Microsoft is currently trailing behind Apple by $500 billion in market cap. This could potentially impact the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Apple's stock has reached a new all-time high, but its current forward P/E ratio might trigger worries about overvaluation.
While Apple's stock has reached a new all-time high, its current forward P/E ratio, which is significantly higher than its 10-year historical average, might trigger worries about the stock's current overvaluation. This could potentially impact the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Apple maintains its status of the most-representative stock in the S&P 500 index, rising to a 7.7% weight in the SPDR S&P 500 ETF Trust.
Apple's increased weight in the SPDR S&P 500 ETF Trust could potentially impact the ETF's performance in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50