AAPL: Apple Stock Tops $3 Trillion, But Q2 iPhone Sales May Shake Up Valuation

Apple shares are up more than 50% to start the year, adding more than $1tn to the company’s market cap.

• Apple stock AAPL closed above $3tn in market cap, regaining its highly coveted crown as the world’s first corporation to hit that high-water mark. Shares in the company closed Friday at $193.97 after a 2.3% daily gain to finish off a stellar first half of 2023.
• The iPhone maker’s valuation has been on a tear this year. Its stock is up more than 50%, adding a solid $1tn to eclipse France’s gross domestic product of just under $3tn. Still, the company that launched from a garage and turned into a tech kingpin, may be facing some headwinds pretty soon.
• With the second quarter having wrapped up, Apple’s earnings report is about a month away. iPhone sales, which account for about half of Apple’s revenue, slid 2% in May to a sell-through figure of 14.5mn units. For the June quarter, Wall Street is eyeing 46mn iPhone sales.