Apple becomes first company to reach $3tn in market value

Apple's stock-market value briefly rose above $3 trillion on Monday, shattering yet another record and underscoring how the pandemic has turbocharged Big Tech’s decades-long rise.

The company was the first to achieve this milestone, although it failed to hold above the level until the end of the trading day. It closed 2.5 per cent higher at $182.01 and with a market capitalisation of $2.99tn. The advance came on a broadly positive session for stocks, where Apple and Amazon.com Inc. both contributed to the Nasdaq 100 Index outperforming.

Apple also set a record in midday trading when its shares rose to $182.88.

The world's most valuable company is the first to reach the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

Apple's march from $2tn to $3tn in market value took about 16 months as its stock roared higher, leading a group of megacap technology companies that benefited as people relied heavily on tech during the coronavirus pandemic.

Meanwhile, the broader market was set to extend a recovery from the pandemic shock, led by Tesla and followed by Apple and Nvidia.

Analysts expect demand for iPhones to remain strong in 2022, as Apple leads China's smartphone market and more consumers subscribe its services.