Amassed more cash than you can fit in an Apple Car, for one thing.
When Apple first reached $3 trillion in January 2022, it was in a tenuous position. Inflation was rising and the Fed was preparing to start a campaign of significant interest rate hikes that have depressed asset prices. Meanwhile, Apple was in the thick of COVID’s Omicron wave, in which supply chaincost it billions. The company would take some time to figure these issues out, but its supply chain has improved and the Fed appears to be nearing the end of its rate raises.
Today, Apple makes up more than 7 percent of the S&P 500, making it a safe haven of sorts for investors who’ll keep their money these regardless of quarterly performance. The market’s health now rests, in part, on Apple doing well, creating a self-reinforcing relationship that can defy investing fundamentals. That relationship can go on for a time, but it can’t last forever.
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