Apple Inc.’s stock market value momentarily surpassed $3 trillion on Monday, smashing yet another record and demonstrating how the pandemic has accelerated Big Tech’s decades-long climb.

In New York afternoon trading, Apple shares climbed as much as 3% to $182.88 before retracing some of their gains. Since a low in early October, Apple’s market value has increased by approximately $700 billion.

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The share price of the iPhone maker has been gradually rising for years, having risen more than 200% since Covid initially declared a state of emergency in early 2020, emphasizing the importance of technology for work, education, entertainment, and staying connected. 

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These are all areas that Apple has a strong presence in through its hardware, software, and media services, which has helped it become the first business in history to reach $3 trillion, about 17 months after crossing the $2 trillion mark.

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“I never thought I’d see a $3 trillion market cap, but it really speaks to Apple’s prospects over the next five to 10 years,” said Patrick Burton, co-portfolio manager of the MainStay Winslow Large Cap Growth Fund, which holds about 2.75 million Apple shares. “We feel very good about the outlook, and continue to see meaningful opportunities ahead, with a stable iPhone franchise and growth drivers from both services and new products. It has really been a great growth stock, and the valuation is sustainable.”

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Because of its unparalleled scale, the corporation has a significant impact on the broader equity market; its weight in the S&P 500 Index is 7%. In comparison, Apple is not far from equaling the whole Russell 2000 index, which is worth $3.51 trillion.

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In mid-2018, the stock hit a $1 trillion valuation, and by August 2020, it had reached a $2 trillion valuation. While it was the first firm in the United States to reach that level, Saudi Aramco was the first $2 trillion company overall.

Since it originally became the world’s most valuable stock in 2011 – when its market valuation was less than $340 billion and it made up just 3.3% of the S&P 500 – Apple has seldom been far from the top. 

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It briefly trailed Microsoft Corp. in October after warning about the impact supply-chain concerns would have on its Holiday quarter, but that second-place position was temporary. The stock has climbed about 13% in the last month, compared to a 3.3% growth in Microsoft, which now has a capitalization of more than $2.5 trillion.