Apple is within touching distance of a $3 trillion market cap

Apple is within touching distance of a $3 trillion market cap

On Wednesday, Apple put in new share price highs putting it in touching distance of a $3 trillion market cap. The company passed the $2 trillion mark in April 2020 and the $1 trillion milestone in 2018. It currently sits at $2.98 trillion.

The company’s 15.7 billion shares are currently trading for $189.25 each as of Wednesday’s close and to reach the $3 trillion market cap, the company needs to see its share hit around $190.52. The stock price is already up $4 from the lows this week so eking out another dollar increase shouldn’t be too difficult.

The Relative Strength Index (RSI) indicator currently shows the RSI above the RSI moving average which suggests the price could continue to see some more upward momentum which could take us to the $3 trillion market cap soon. At the same time, the RSI is at 71.42 and anything over 70 indicates an asset is overbought and due for a pullback, so it really could go either way.

If Apple did pass the $3 trillion market cap, it would be the first company to do so in history. Microsoft is the second largest company at $2.50 trillion and in third is Saudi Aramco at $2.08 trillion.

These three companies are the only ones that have attained a $2 trillion status and Alphabet, Amazon, NVIDIA, Tesla, and META are quite far behind now despite being the next largest companies after the top three. Alphabet has a market cap of $1.53 trillion and Meta’s is $731.12 billion.

Due to the popularity of Apple, the stock’s price has been pretty resilient for years. Even during the 2008 financial crash, Apple’s stock price only fell 15% below its three-year moving average temporarily before quickly recovering. This is in contrast to the S&P 500 which fell by more than 48% and took longer to recover.