ASX futures are pointing lower but last traded on New Year’s Eve; shares on Wall Street traded firmly higher on Monday; Tesla shares rise more than 12pc. Follow the latest here.
Apple’s stock-market value briefly rose above $US3 trillion , shattering yet another record and underscoring how the pandemic has turbocharged Big Tech’s decades-long rise.
Apple shares rose as much as 3 per cent to trade at $US182.88 in afternoon trading in New York on Monday before paring some of its gains. Since a low hit in early October, Apple has added about $US700 billion to its market capitalisation.
Concerns have bubbled up in some corners -- about a shortage of chips, reports of iPhone demand starting to taper off and the prospect of rising interest rates -- but investors large and small have focused on the global popularity of Apple’s products, the potential of new products to maintain its steady sales growth, and the company’s strong cash balance as reasons to keep buying the stock day after day.
“I never thought I’d see a $US3 trillion market cap, but it really speaks to Apple’s prospects over the next five to 10 years,” said Patrick Burton, co-portfolio manager of the MainStay Winslow Large Cap Growth Fund, which holds about 2.75 million Apple shares.
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