Apple Inc experienced a notable milestone as its shares reached a peak not seen in the past 17 months. This achievement coincided with the anticipation surrounding the company's annual software developer conference, although Apple's overall market value fell short of its previous record of $3 trillion. During the highly awaited Worldwide Developers Conference (WWDC), Apple (NASDAQ:AAPL) is poised to unveil its first foray into a new product category since the debut of the Apple Watch nine years ago—a mixed-reality headset. This development is expected to have a significant impact on the company's trajectory.
At present, Apple's shares are trading at $184.15, up by 1.8%. In 2023 alone, the company's stock has surged by nearly 40%, surpassing the 11.5% increase observed in the benchmark S&P 500 index. Apple achieved a remarkable feat last year when it became the sole company to surpass a $3 trillion market capitalization. However, its current valuation stands at $2.89 trillion. Morgan Stanley analyst Erik Woodring noted in a statement that while it is still early in the process, augmented reality/virtual reality has the potential to become Apple's next significant growth platform. Comparing Apple's forward 12-month price-to-earnings ratio of 28.39 to the sector median of 12.79, it becomes apparent that the company's stock holds a higher value. This discrepancy highlights Apple's favorable position within the industry.
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