Apple is approaching a valuation of $3 trillion after its stock surged throughout since the start of the year. The company’s shares are up 35% for the year to date, outpacing the 9% growth of the S&P 500.
The highest-valued company on the New York Stock Exchange, Apple has added $690 billion in market cap since it embarked on its mission to boost its valuation. According to data from Yahoo Finance, the company has a current valuation of $2.74 trillion; just 9% away from the $3 trillion mark.
JP Morgan analyst Samik Chatterjee claimed that Apple has proven to be a safe investment option while also boasting growth opportunities. The company is expected to introduce the iOS 17 operating system shortly.
“Apple is different than the other businesses we own. It just happens to be a better business,” Berkshire Hathaway CEO Warren Buffett said at the company’s annual meeting in early May. Berkshire Hathaway purchased more Apple stocks this month, raising its holdings in the company to $151 billion.