On Monday 12th June, Apple’s shares (AAPL) closed at their first record high since January 2022, rising 1.6% to reach $183.79.
Apple’s share price reached an intra-day high a week earlier at the opening of the company’s Worldwide Developers Conference (WWC), before falling again to session lows, as investors balked at the Vision Pro headset’s steep $3,499 price tag.
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The unveiling of Apple’s Vision Pro AR headset was met with a mix of scepticism and excitement at the WWC (June 5), as onlookers questioned the technology’s market size and the willingness of developers to build apps for it. However, some are seeing the unwavering confidence of investors as a sign of Big Tech’s continued dominance in a tech-thirsty market.
The record high follows a rebound in the iPhone segment and an all-time high Apple Services revenue of $20.8bn, as well as plans to expand Apple’s retail presence. The company intends to open 53 new or revamped stores and make deeper forays into the Asia-Pacific region. Within the region, three stores will be opened in India, one in Malaysia, two in South Korea, one in Osaka, Japan, and one in Shanghai, China.
Apple’s stock has been on an upward trajectory throughout 2023, rising 38%, with investors seeing it as a “safe haven” amidst market volatility. This reputation has been built on the strength of the company’s revenue streams, cash flow, and capital return programme which has earned it the epithet “buyback king”.
With a current market cap of $2.89tn, the iPhone maker looks to be closing in on a $3tn valuation in light of its recent stock performance. In 2018, Apple became the first publicly traded US company to breach the $1tn valuation, hitting a $2tn valuation just over two years later in 2020.
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By GlobalData
