Apple on Monday became the first publicly traded company with a stock market value of over US$3 trillion, marking the latest milestone in the Silicon Valley heavyweight's spectacular stock surge since introducing the iPhone in 2007.
Apple's shares have climbed around 5,800 per cent since co-founder and former Chief Executive Steve Jobs unveiled the first iPhone in January 2007, far outpacing the S&P 500's gain of about 230 per cent during the same period.
Microsoft and Amazon have each briefly eclipsed Apple as the most valuable publicly listed US company in the past three years, although Apple has recently pulled ahead. Microsoft's stock market value currently stands at about US$2.5 trillion, while Amazon's is at around US$1.7 trillion, having fallen behind Alphabet, now at US$1.9 trillion.
Several Big Tech firms saw their shares outperform Apple's 2021 gain of 34 per cent. Microsoft and Tesla both rallied about 50 per cent in 2021, while Alphabet jumped 65 per cent and Nvidia soared 125 per cent, putting the chipmaker's stock market value at over US$700 billion.
Apple now accounts for about 7 per cent of the S&P 500, up from as little as 5 per cent in June and back in line with where it started 2021.
Following its 2.9 per cent gain on Monday afternoon, Apple is trading at about 30 times its expected 12-month earnings, down from a multiple of 32 in early 2021 but still at highs not seen since 2008, according to Refinitiv data.
As Apple's stock has climbed in the past several months, so have analysts' price targets. JPMorgan and BofA Global Research in December each raised their price targets for Apple's stock to a street high of US$210, according to Refinitiv. That price target would put Apple's market capitalisation at about US$3.45 trillion.