Apple (AAPL) Hits $3T Milestone, Must Buy on Strong Prospects

$Apple(AAPL.US)$ briefly crossed $3 trillion in market cap in intraday trading on Jan 3, becoming the first publicly traded U.S. company to hit this much-coveted milestone. Shares of the iPhone-maker increased 2.5% to finally close at $182.01, with total market capitalization at $2.986 trillion.

Apple’s robust outperformance can be attributed to strong demand for its iPhone. The company’s 5G-supported iPhone has witnessed robust demand despite coronavirus-induced supply chain headwinds and short supply of chips.

$Apple(AAPL.US)$ has benefited from the coronavirus-induced work-from-home and online-learning waves, which drove demand for iPad and Mac personal computers.

Since March 2020, when coronavirus first sent the world into lockdown, Apple’s shares have outperformed its MAMAA peers that include $Alphabet-C(GOOG.US)$ $Alphabet-A(GOOGL.US)$ , $Microsoft(MSFT.US)$ $Amazon(AMZN.US)$ and $Meta Platforms(FB.US)$ . The term MAMAA has been coined by Mad Money’s Jim Cramer in replacement of FAANG after Facebook changed its name to Meta Platforms.