Technology giant Apple has become the first company to hit a $3 trillion stock market value.
On the first day of trading in 2022, the Silicon Valley company’s shares hit an intraday record high of $182.88, putting Apple’s market value just above $3 trillion.
The stock ended the session up 2.5% at $182.01, with Apple’s market capitalization at $2.99 trillion.
The world’s most valuable company reached the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.
Under Tim Cook, who in 2011 became chief executive following Steve Jobs’ death, Apple has sharply increased its revenue from services like video streaming and music.
That helped Apple reduce its reliance on the iPhone to about 52% of total revenue in fiscal 2021 from over 60% in 2018, pleasing investors worried the company relied too much on its top-selling product.