Apple‘s stock price rose after the release of new products. The new products made its market capitalization surpassed $1 trillion again on Wednesday. According to economic media CNBC.
The company’s stock closed at $223.59, up 3.18 percent from the previous day, with its market capitalization reaching $1.1 trillion.
It is not the first time that Apple’s market cap has exceeded $1 trillion. It once surpassed $1 trillion in market capitalization for the first time in August last year. Since then, however, it has failed to maintain its market capitalization of $1.1 trillion due to sluggish iPhone sales in China.
Yet, Bloomberg predicted that the new iPhone might still be missing out 90 million market of China. As it is not yet equipped with the 5G tech. Even though other phones released in the similar time such as Samsung’s and Huawei have all supported the 5G network.
The world’s second largest smartphone maker company also bought millions of its own shares. And as a result, the stock price in the market cap that has surpassed $1 trillion has risen further.
However, it is not the only company in the U.S. stock market with a $1 trillion total. Microsoft Corp.’s market cap was also tallied at $1.39 trillion as of the day, outpacing Apple Inc. by $290 billion.
The new promising products that brought Apple’s stock to a significant jump
Last Tuesday, Apple held a special event at its headquarters in Cupertino, California, and announced new products such as iPhone 11, Pro Max and iPhone 11, which lowered prices by $50. It also announced the launch of the new generation of its tablet. The seventh generation iPad has a bigger entry level, the biggest in the company’s history.
In addition, Apple shared its plans to offer its own video streaming service Apple TV+ and Apple Arcade by giving off the details of the two subscriptions. Both are to start on November 1st and September 19th, respectively at a monthly subscription fee of $4.99 a month, which is cheaper than its rivals.