(Bloomberg) — Apple Inc. is edging closer to a $3 trillion stock-market value for the first time ever.
The shares rose as much as 1.3% Monday, resulting in a market capitalization of about $2.97 trillion. Since the stock touched a low in early October, Apple’s value has increased by about $700 billion.
The iPhone maker’s share price has surged throughout 2021, leaving it up more than 200% since Covid first sent the world into lockdown early last year and underlined the centrality of technology for work, education, entertainment and keeping connected. These are all markets that Apple touches on deeply through its hardware, software and media services, and that has contributed to it being on pace to be the first company in history to hit $3 trillion, just 16 months after it first crossed the $2 trillion mark.
(Updates to market open.)
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