Apple again missed out on an opportunity to reach a market capitalisation of $3 trillion as its shares dropped on Tuesday, halting a four-day winning streak.
The iPhone maker's stock declined 0.6 per cent to close at $179.29 as investors rotated out of big-tech names. The company remains within striking distance of a $3tn market value, which currently stands at $2.94tn.
Its share price climbed 0.4 per cent to $180.96 before the opening bell in New York on Tuesday, placing its market cap at $2.96tn. Based on outstanding shares, it needed to gain just a little over $1 to reach $182.86, the level that will allow it to become the first company to reach the milestone it has flirted with over the past few weeks.
California-based Apple's stock rose as high as $182.13 this month.
Apple shares gained in the past four trading sessions before the Tuesday drop, up 6.2 per cent during that run and ending Monday at a record.
“It's now one of the more richly valued companies in the market, which shows the dominance of US technology in the world and how confident investors are that it will remain in Apple’s hands. It seems like the stock has priced in every possible good outcome,” Brian Frank, a portfolio manager at Frank Capital, had said.
Apple began seriously aiming to breach the $3tn mark earlier this month when its market value hit $2.94tn on December 11. It dipped to $2.81tn a week later then rose again to $2.89tn at the end of last week.
Microsoft is the only other company in the $2tn club but is still a distant second.
Aside from Apple and Microsoft, the only other trillion-dollar companies in the world as of Tuesday are Google, oil producer Saudi Aramco, Amazon and electric vehicle maker Tesla, CompaniesMarketCap data show. Facebook owner Meta Platforms, the world's biggest social media network, has a market value of $962 billion.
The $3tn achievement would cap a very strong year for Apple – even stretching back to 2020. Year-to-date, its stock has jumped 36 per cent and has surged more than 200 per cent ever since Covid-19 forced the world into lockdowns in March last year.
It's now one of the more richly valued companies in the market, which shows the dominance of US technology in the world and how confident investors are that it will remain in Apple’s hands
Brian Frank,
portfolio manager at Frank Capital
The company was one of the few that did well during the pandemic, which highlighted the need for work, education, entertainment and staying connected remotely.
It reported a 62.2 per cent annual jump in its fiscal fourth-quarter net profit on the back of record revenue, which rose 29 per cent year-on-year to $83.4bn.
Apple strengthened its line-up over the past two years with two new iPhones, this year's iteration of which was well received because of its better cameras. It also released Mac computers and iPads using its new M1 processor, which has more power and is part of a major transition into using chips made in-house.
In October, New York-based management consulting firm Interbrand named Apple the best global brand for the ninth year in a row.
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Other key dates
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.