$3 TRILLION CAP
Apple is onto a winner. The surge in valuation can be attributed to improving inflation conditions and investor optimism regarding Apple’s expansion into new markets and demonstrates the incredible work performed by Tim Cook and Co in recent years to bolster Apple’s market position further and make it a company people want to invest in. Recent gains in Apple shares, the resurgence of technology stocks, and the speculation around artificial intelligence have contributed to this remarkable feat. Furthermore, Apple’s solid financial performance, including steady stock buybacks and better-than-expected earnings, has solidified its position as a safe investment amidst global economic uncertainties.
At the end of June, Apple’s stock jumped 2.3 percent to $193.97, propelling the company’s market capitalization to a staggering $3.05 trillion, according to Refinitiv data. Although Apple had briefly touched the $3 trillion mark in January 2022 during intraday trading, this is the first time it has closed a trading session above this milestone. The stock has shown a remarkable growth rate of 49 percent in 2023, primarily driven by positive sentiment surrounding technology stocks and the potential slowdown in interest rate hikes by the US Federal Reserve. The optimism around interest rates stems from a recent report revealing a decline in the inflation index monitored by the central bank. Lower petrol prices and slower food cost increases led to a 3.8 percent year-over-year price rise in May, down from the 4.4% surge in April.
Additionally, consumers exhibited minimal spending growth, fueling predictions of a slowdown and a reduced pace of rate hikes by the Federal Reserve.
This story is from the Techlife News #610 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Techlife News #610 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16. BIG TECH SAYS
An advocate for major social media platforms told an Australian Senate committee that laws to ban children younger than 16 from the sites should be delayed until next year at least instead of being rushed through the Parliament.
APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE
Apple and Google aren’t giving consumers a genuine choice of mobile web browsers, a British watchdog said in a report that recommends they face an investigation under new U.K. digital rules taking effect next year.
DIRECTV CALLS OFF ACQUISITION OF RIVAL DISH, POSSIBLY ENDING A YEARSLONG PURSUIT
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
THE PSYCHOLOGY OF RETIREMENT INCOME: FROM SAVING TO SPENDING
The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.
'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt.
IS 'GLICKED' THE NEW 'BARBENHEIMER'? 'WICKED' AND 'GLADIATOR II' COLLIDE IN THEATERS
“Barbenheimer” was a phenomenon impossible to manufacture. But, more than a year later, that hasn’t stopped people from trying to make “Glicked” — or even “Babyratu” — happen.
ELECTRIC CAR SALES ARE SLOWING IN THE US AND EUROPE AS BOTH FANS AND SKEPTICS SHARE CONCERNS
While sales of electric vehicles surge in China, adoption of more environmentally friendly vehicles is stumbling in the United States and Europe as carmakers and governments struggle to meet years-old promises about affordability and charging stations.
FEDERAL PROSECUTORS SEEK RECORDS FROM COMPANY THAT DEPLOYED AI WEAPONS SCANNER ON NYC SUBWAY
Federal investigators in New York are seeking records from the manufacturer of an AI-powered weapons scanner that was briefly deployed this summer in New York City’s subway system.
BIDEN ADMINISTRATION TO LOAN $6.6B TO EV MAKER RIVIAN TO BUILD GEORGIA FACTORY THAT AUTOMAKER PAUSED
President Joe Biden's administration announced this week that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.
RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS
A ransomware attack that hit a major software provider last week caused disruptions for a handful of companies over recent days, from Starbucks to U.K. grocery giant Morrisons.
