Apple‘s market capitalization topped $3 trillion on Friday as shares rose about 1% to a new high and passed the $190.73 price required to hit the milestone, according to the most recent stock count. from CNBC.

apple was the first company to reach a market capitalization of 3 trillion dollars during intraday trading in January 2022, but failed to close at that level. He has another chance to do it on Friday.

It shows that investors remain bullish on Apple’s stock and portfolio of products and services, even though the company warning in may that its revenue for the current quarter is expected to fall by around 3%.

Investors see the company as one of the bright spots during a turbulent year in technology, with tech giants Commit to “do more with less” in the midst of an «efficiency year» and layoffs of thousands of employees.

“Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year against a more difficult backdrop where we strongly believe the exact opposite has happened with Cupertino heading for a renaissance. massive growth in the next 12 to 18 months,” Wedbush’s Dan Ives said in a note on Friday.

“In our opinion, Street has severely underestimated the massive installed base upgrade opportunity around the iPhone 14 and now an iPhone 15 mini super cycle ahead with roughly 25% of Apple’s gold customer base not upgrading their iPhones in more than 4 years,» he added.

Apple shares are up 47% so far this year.