June 30 (UPI) -- Apple returned to rare territory for companies -- even one as big as the tech giant -- as its market cap soared over $3 trillion on Friday for the first time since 2022.
Shares for the iPhone creator set a company record by topping a price of $192 as of Friday afternoon.
The notation, even if Apple falls under the mark by the end of trading Friday, is part of an impressive run for the technology leader this year, with stocks up 47% from this same time in 2022.
Apple became the first company to top the $3 trillion market share cap in January 2022.
However, the company's market cap value fell under $2 trillion at the start of this year as shares fell 4.2% following COVID-19-related supply chain issues. China, an important location in Apple's supply chain, faced lockdowns and protests during that time.
"The Apple bears and skeptics continue to scratch their heads as many have called for Apple's 'broken growth story' this year in a tougher backdrop to which we firmly believe the exact opposite has happened with Cupertino heading into a massive renaissance of growth over the next 12 to 18 months," said Dan Ives, a senior equity research analyst at Wedbush Securities.
"In our opinion, the Street has severely underestimated the massive installed base upgrade opportunity around iPhone 14 and now a mini super cycle iPhone 15 ahead with roughly 25% of Apple's golden customer base not upgrading their iPhones in over 4 years," he added.
