Apple at $3 trillion will be just a waypoint to even higher valuations

Apple shares have been on a ferocious tear, up 34% year to date, leaving it less than 5% away from the $3 trillion market valuation milestone that will prove to be just a waypoint along the way to even higher valuations.

Eric J. Savitz for Barron’s:

The rally includes a startling 18% spurt in just the past four weeks, a period in which the S&P 500 has improved less than 2%…
Founded in 1976, it took Apple 44 years to reach the $1 trillion level for the first time, in 2018. Two years later, in August 2020, the stock hit $2 trillion. And now just 15 months later, the stock is zeroing in on $3 trillion.
I’d argue that there are at least four reasons why Apple stock (ticker: AAPL) continues to rally to higher highs—and why $3 trillion will eventually look more like the floor than the ceiling.
For starters, Apple has become a haven for tech investors in times of turmoil—a flight-to-safety play; digital gold… Apple continues to innovate, the company has fanatical customer loyalty, and it continues a shareholder-friendly policy of aggressively buying back its own shares. If you had to pick just one tech stock to own for the long haul, many would choose Apple.

MacDailyNews Take: As Apple approaches a market value of $3 trillion, just a waypoint, not the ceiling, we remember writing:
Apple deserves to be worth considerably more than $2 trillion. The company remains significantly undervalued. — MacDailyNews, August 10, 2020
Trillion, schmillion. Over time, Apple will go much higher than that. The company is currently horribly undervalued. – MacDailyNews, March 1, 2018
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