Apple stock has regained its position as the most valuable corporation in the world after Saudi Aramco briefly surpassed it earlier in the year.
The market value of Apple soared $190.9 billion in a single day on Thursday, a record for a US-listed corporation, according to Bloomberg.
The market surged, causing Apple’s valuation to skyrocket to $2.34 trillion.
Thursday’s stock market rally helped push Apple’s share (NASDAQ: AAPL) price up 8.9 percent, to $146.87, making it the most valuable business in the world. Optimism that the Federal Reserve could decrease the pace of interest rate hikes was a major factor in the uptick after data showed US inflation dropped in October.
Even with Thursday’s gains, technology stocks have had a rough year due to factors such as growing prices, rising interest rates, and uncertainty stemming from the conflict in Ukraine.
The iPhone maker’s share price may be down 17% so far this year, but it has outperformed its Big Tech peers on the back of stronger-than-anticipated results for the company’s most recent quarter, which were announced on October 27. Theron Mohamed of Insider spoke with analysts, who echoed the sentiments of Apple’s wealthy consumer base and strong brand recognition.
So far in 2022, the share prices of Netflix (-54%), Alphabet (-35%), and Meta (-67%) all make Apple look like a superstar stock!