Apple is on the brink of becoming the first company in history to surpass a $4 trillion market valuation, Fortune reports.
Apple’s stock (AAPL) has nearly risen 40% in 2024. Before the markets opened on December 27, Apple’s market capitalization stood at $3.92 trillion, leaving the company just a modest surge in stock value away from the unprecedented milestone. The growth is said to have been fueled largely by optimism surrounding Apple Intelligence and the continued strength of its iPhone upgrade cycles.
In a research note published on December 26, Wedbush analyst Daniel Ives said that Apple is entering a “golden era of growth” with its AI initiatives serving as a pivotal driver. Ives increased his price target for Apple’s stock to $325, citing the company’s ongoing efforts to embed artificial intelligence into its products. He emphasized that Apple’s current AI strategy is likely underestimated by the market, adding that the development of hundreds of applications under the Apple Intelligence platform will provide “another growth catalyst along with catalyzing iPhone upgrades across the board over the next 12 to 18 months.”
Read more at MacRumors.com