The modern world….some ANZ branches will no longer have cash, so much for looking after your customers. Apple is the first trillion dollar company in the world, more wealth than many countries around the world. Do you remember the ALP saying they would bring energy costs down? Apparently the media is not too interested in calling them to task.
More on Apple becoming a Trillion Dollar Company
Apple has etched its name in Wall Street’s annals, making history as the first company to surpass a staggering $3 trillion market value. This achievement serves as yet another testament to the indomitable dominance of big tech in the realm of equity markets.
On Friday, the iPhone giant experienced a 2.3% surge, fueling a rally that has propelled its market size by over $983 billion this year alone. As a result, Apple finds itself half a trillion dollars ahead of its closest competitor. This remarkable ascent played a pivotal role in propelling the Nasdaq 100 Index to its most successful first half ever, thereby catalyzing a broader stock rally that underscored the unrelenting supremacy of tech behemoths.
The rally’s unexpected nature has caught numerous strategists off guard, leading to doubts regarding its sustainability, particularly in the face of potential Federal Reserve interest rate hikes. Nonetheless, investors continue to exude enthusiasm for the growth potential of artificial intelligence. Moreover, they have gravitated towards the quality factors that Apple effortlessly possesses: a robust balance sheet, enduring revenue streams, and an unrivaled competitive position.
Jonathan Curtis, director of portfolio management for Franklin Equity Group, expressed his belief that Apple’s consistent outperformance is a result of its successful execution of a viable business strategy. The company’s earnings plan is working, and its hold on consumers continues to strengthen. Curtis highlights the phenomenal balance sheet, dividend growth potential, active repurchasing program, and a consumer staples-esque platform business fueled by a device that captures people’s attention for hours each day.
Wall Street‘s enduring optimism surrounding Apple was evident when Citi initiated coverage of the company with a buy rating. Citing the underappreciated ability of Apple to expand margins, Citi foresees approximately 30% additional upside for the stock, potentially propelling Apple toward a near-$4 trillion valuation.