PYMNTS.com December 23, 2024
Is Apple on the verge of becoming a $4 trillion company?
As Reuters reported Monday (Dec. 23), the company has pulled in front of Nvidia and Microsoft in the race for this historic valuation. Apple’s shares have climbed 16% since earlier last month, adding around $500 billion to its market capitalization, the report said.
The uptick reflects “investor enthusiasm for artificial intelligence and an expectation that it will result in a supercycle of iPhone upgrades,” said Tom Forte, an analyst at Maxim Group, which has a “hold” rating.
Apple was the first American company to reach past trillion-dollar landmarks, the report noted, driven by the strength of the iPhone “supercycles,” a term for a wave of consumers deciding to upgrade...
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