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Beating profit expectations and stock buybacks records, Apple has become an investor favorite and gained reputation as a safe investment during economic uncertainties
Apple Inc, the creators of iPhone, Mac and countless other digital technologies have just made history, becoming the first company to cross the $3 trillion valuation. Experiencing a 55% growth over the last 6 months, the stock has been in high demand; courtesy of Apple’s expansion into new markets and Federal Reserve’s moderate approach to interest rate hikes.
Launching ground breaking technology such as the Apple Vision Pro while also exceeding profit expectations has made Apple an investor favorite. Publishing its quarterly profit report, Apple displayed how consistent profits and track record of stock buybacks has given them a reputation of safe investment during any economic uncertainties.
Apple’s $3 trillion valuation comes at a time where most other technology companies are also experiencing a significant surge in their stock prices. Microsoft, which is valued at $2.53 trillion and follows right after Apple has also recorded a 42% growth over the last six months.
Google, which is a direct competitor to Apple in the mobile phone market also grew by over 34% in the last 6 months. Chip maker NVIDIA surprised investors; growing by over 195% in the last 6 months, allowing it to join the $1 trillion club.
A large credit behind this sudden growth in technology industry goes to artificial intelligence, a comparatively newer technology that has pushed a new wave of competition amongst major technology firms.
While all other firms including Google, Microsoft and NVIDIA are companies heavily invested in the AI industry, Apple has shown limited interest in the technology, saying that while it may “weave” the technology into its future devices, it will be cautious with use of the AI technology.
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