Apple and Microsoft in a race to $3 trillion
The two tech giants are near all-time high levels and are flirting with another major market cap milestone
Mac or PC? In the race to a whopping $3 trillion market capitalization, iOS has the edge over Windows.
Shares of both Apple and Microsoft hit new record highs Friday morning before each stock retreated a bit. It could be a quiet day ahead of the long weekend. (The market is closed Monday in observance of the Juneteenth holiday.) But both stocks are inching closer to the $3 trillion mark.
Apple had a market cap of about $2.93 trillion as of mid-Friday morning. The stock only needs to climb about 2.4% to get to the 3 and 12 zeroes milestone. So barring a major setback for Apple, which is riding high on hype about its new Vision Pro AR/VR headset, the maker of iEverything should get to $3T before Microsoft.
Microsoft has a market cap of just under $2.6 trillion. The stock has to climb a little more than 16% to surpass $3T.
Both stocks have surged nearly 45% this year, helping to push the S&P 500 and Nasdaq to 52-week highs. Apple and Microsoft are both part of a massive 2023 tech rally. Shares of Amazon, Google owner Alphabet and Nvidia, which all are now valued at more than $1 trillion, have skyrocketed as well. So have the stocks of Facebook/Insta/WhatsApp owner Meta Platforms and Elon Musk’s Tesla.
As we approach the midway point of the year, it will be interesting to see if these techs can continue to surge in the back half of 2023 or if concerns about the possibility of more interest rate hikes begin to weigh on these growth stock darlings.
Anyway, hope everyone enjoys the long weekend. And to paraphrase the late New York Mets announcer and Pittsburgh Pirates legend Ralph Kiner, happy birthday to all you dads on Father’s Day this Sunday.