Apple becomes first company to hit Ksh.300 trillion market value

On the first day of trading in 2022, the company's shares rose to $182.88 in mid-day trading, a new record.

The world's most valuable company is the first to reach the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

Apple's march from $2 trillion to $3 trillion in market value took about 16 months as its stock roared higher, leading a group of megacap technology companies that benefited as people relied heavily on tech during the coronavirus pandemic.

Meanwhile, the broader market was set to extend a recovery from the pandemic shock, led by Tesla Inc (TSLA.O) and followed by Apple and Nvidia (NVDA.O).

Analysts expect demand for iPhones to remain strong in 2022, as Apple leads China's smartphone market and more consumers subscribe its services.