Apple Shares Hit Record High Ahead of WWDC, Market Value Falls Short of $3 Trillion Peak

(Reuters/Yahoo) – Apple Inc shares reached a record high on Monday, marking the first time in 17 months, as investors anticipated the company’s annual software developer conference. However, Apple’s market value still fell short of its all-time peak of $3 trillion.

During the Worldwide Developers Conference (WWDC), Apple is expected to unveil a mixed-reality headset, representing its first major foray into a new product category since the debut of the Apple Watch nearly a decade ago.

Shares of the tech giant, which holds the title of the world’s most valuable publicly traded company, climbed 1.8% to $184.15. In 2023 alone, Apple’s stock has surged almost 40%, outperforming the benchmark S&P 500, which rose by 11.5%.

Apple previously reached a market capitalization of $3 trillion in early 2022, making it the only company to achieve this milestone. Its current market valuation stands at $2.89 trillion.

According to Morgan Stanley analyst Erik Woodring, augmented reality/virtual reality could become the next major growth platform for Apple. In a note, Woodring stated, ‘The fact that the company is expected to be the market leading vendor in mixed-reality headsets is what could make WWDC a more significant stock catalyst this year.’

With a forward 12-month price-to-earnings ratio of 28.39, Apple’s valuation exceeds the sector median of 12.79.

Alongside other mega-cap companies, Apple has played a key role in driving the stock market rally this year, as the growing popularity of artificial intelligence (AI) refocuses attention on technology stocks following last year’s downturn.