After a decades-long run as one of the world’s best-performing stocks, Apple is on the verge of another milestone. But wind back 20 years and investors were fleeing the stock.
After a decades-long run as one of the world’s best-performing stocks, Apple is on the verge of reaching $US3 trillion in market value. That’s bigger than the entire German equity market. Or the UK economy.
“It’s a phenomenal achievement and highlights the incredible dominance of US tech firms,” said Craig Erlam, senior market analyst at Oanda. “And there’s so much still to come from Apple, which makes you wonder what milestone they’ll pass next and how big they can become.” Since the end of the 1990s, Apple shares have returned a whopping 22,000 per cent, equal to about 28 per cent a year. The S&P 500 has returned 7.5 per cent annually in the same period. A few other tech stocks have done better – Nvidia, a maker of graphics-processing chips, has returned 31 per cent annually, while streaming giant Netflix is up 39 per cent a year since its 2002 initial public offering -- but Apple dwarfs them both in size.
Morgan Stanley analyst Katy Huberty argues the stock is undervalued when considering revenue contributions expected in coming years from new products like augmented and virtual reality and autonomous vehicles.
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