Apple stock (AAPL) hit an all-time high today, topping $183.49, ahead of today’s WWDC keynote where it is expected to announce iOS 17, new Macs, and its first mixed reality headset device.
Apple stock has rebounded significantly this year, up 46% off lows as investors digest easing inflation and recessionary fears, as well as general bullishness around the tech sector. The company’s market cap is once again approaching the $3 trillion level, a milestone never-before-seen for a public company.
Like many tech stocks, Apple’s company value fell significantly in 2022 in the aftermath of the pandemic hype cycle.
But resilient demand for iPhone and an upward trend of quarterly results has reaccelerated investor optimism for the company. The stock is up about 10% in the last month alone. Nevertheless, any weakness in upcoming Apple financials could easily see the stock fall once more.
Today, Apple will lay out the roadmap for its next big business venture: augmented and virtual reality. While the first generation Apple headset is unlikely to have meaningful impact on the bottom line, over time some investors think Apple XR could grow to a $20 billion business, similar in size to the Apple Watch or iPad divisions.
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