Apple value keeps on increasing, with a total spike of 1.8%. As of July, Apple's total market value is at $2.4 trillion.
The Cupertino-based company rallied to put an end to its record high on Wednesday, July 7, amid the optimism on its corporal growth outlook for 2021's second half.
Apple Value in 2021
According to Yahoo Finance, Apple gained 1.8%, resulting in a total market value of $144.57. The tech giant surpassed its peak in January, as several aspects of Wall Street foresaw an even stronger rally for the next six months, with the upcoming iPhone 13 sales.
The company continued to rise for the seventh day, which is Apple's longest winning streak from April. As a result, it propelled its market value to a whopping $2.4 trillion.
Apple's shares remain slightly at the bottom of the intraday record of $145.09 recorded in January.
Chief Investment Officer of Matrix Asset Advisors, David Katz, mentioned that Apple has finally woken up over the last few months. Over a short period, the tech giant's business prospects are considered relatively significant.
Apple's shares increased approximately by 9% in 2021, ensuring the double-digit gains of other well-known megatech companies in the market.
With this, market investors had to wait patiently for further information on Apple's growth potential while its competitors exhibited robust developments in their fields.
Apple has the most significant contribution to the S&P 500 Index, carrying 6.2% of the value. As of July, it has already gained 16%.
Are Investors repurchasing Apple Shares?
Yahoo Finance also reported that PMorgan recommended that investors should start purchasing Apple shares again. He instructed investors to purchase Apple shares soon as they have already lagged behind their tech competitor and the market during the first half of 2021.
Analyst Samik Chatterjee also said on Tuesday, July 6, that it is now the right time to start buying Apple shares once more.
He added that the tech giant's stock is set to make a comeback on its outlook for the iPhone 12 series and an even stronger expectation for the upcoming iPhones, especially as the alleged iPhone 13 is reportedly launching sometime in September.
As per the report, the rotation of Apple's growth stocks in the value trade in the earlier part of 2021 may have provided an additional boost for its rally. However, some members of the FAANMG group are still posing severe returns.
Leading Apple Competitors
Apple competes with hundreds of businesses, but here are some of the most crucial competitors that the Cupertino-based company has:
- Microsoft Corporation - up by 26% in 2021, joining Apple as one of the two U.S. public companies valued at over $2 trillion.
- Amazon.com Inc. - recently spiked about 14% in 2021.
- Alphabet Inc. - skyrocketed by 44% in 2021.
- Facebook Inc. - Went up by 28% in 2021.
- Nasdaq 100 Index - rose approximately 15%.
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Written by Fran Sanders