Apple Inc. is on track to close at a record high after experiencing ahead of its most notable product launch event over the last decade. Shares in the company rose by 0.6% to $182.09 during premarket trading, thereby extending the iPhone maker’s year-to-date growth to 39%.
Due to its consistent gains throughout the year, Apple has been viewed by many investors as a safe haven during times of economic turbulence, especially given the inflation and banking crises that have run rampant this year.
Given its current price, Apple is poised to add $16.5 billion in market cap, pushing it closer to an unprecedented $3 trillion valuation. The largest U.S. public company, Apple comprises 7.5% of the value of the S&P 500 Index.
“Even with how much it has risen, it still feels like a quality company, with a lot of cash, continued innovation, a fortress balance sheet, and a large customer base upgrading their products,” Devon Drew, chief executive officer of DFD Partners said of Apple. “It should continue to grow, but it can also weather any storm. That means it works in both risk-on and risk-off environments, and that makes me very excited to own it.”