Published: Friday, December 27, 2024 · 11:15 AM | Updated: Friday, December 27, 2024 · 11:15 AM
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Apple (AAPL, Financial) is getting closer to making history again, on the verge of reaching the $4 trillion market valuation mark. Thursday’s closing price of the tech giant at a record $259 left it just $80 billion, or 2.2 percent, away from a milestone — shares rose 0.3 percent.
This year, much of Apple’s incredible growth has come from its pivot toward artificial intelligence, leading to an upgrade cycle for its flagship iPhone line. Analysts say the newly launched iPhone 16 is integrating AI features that will propel the company into a multiyear growth phase. Recently, Dan Ives of Wedbush Securities raised his Apple price target to $325, putting a big emphasis on the underappreciated potential of the company’s AI strategy.
The numbers are staggering: In 2024, Apple’s market cap grew by 39% as it inflated by $921 billion. For perspective, Apple’s market value now exceeds the worth of the 213 smallest companies in the S&P 500 and represents 8 percent of the index’s total worth.
Apple bags the milestone as $4 trillion in revenue, relying on $264.62 per share. The brilliance of the stock lies in the fact that it is now the leading player in the tech sector and is able to introduce innovation over and over again. Apple, which is being driven by AI and a loyal customer base that is growing big, may soon announce its presence in the world’s only $4 trillion club.
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