Apple’s market cap passes $3 trillion in early trading

Apple‘s market cap topped $3 trillion during premarket trading on Friday as shares climbed about 1% to new a new high and passed the $190.73 price required to hit the milestone, according to CNBC’s most recent share count.

Apple was the first company to hit a $3 trillion market cap during intraday trading in Jan. 2022, but it failed to close at that level. It has another shot to do that on Friday.

It shows investors remain bullish on the stock and Apple’s portfolio of products and services, despite the company’s warning in May that its current quarter revenue is expected to fall about 3%.

Investors see the company as one of the bright spots during a year of turbulence in tech, with tech giants committing to “do more with less” amid a “year of efficiency” and laying off thousands of employees.

“The Apple bears and skeptics continue to scratch their heads as many have called for Apple’s “broken growth story” this year in a tougher backdrop to which we firmly believe the exact opposite has happened with Cupertino heading into a massive renaissance of growth over the next 12 to 18 months,” Wedbush’s Dan Ives said in a note on Friday.

“In our opinion the Street has severely underestimated the massive installed base upgrade opportunity around iPhone 14 and now a mini super cycle iPhone 15 ahead with roughly 25% of Apple’s golden customer base not upgrading their iPhones in over 4 years,” he added.

Shares of Apple are up about 46% year-to-date.