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Apple stock feeling the holiday cheer, surpassing $3T mark

Tech giant Apple (AAPL) has hit the $3 trillion mark in terms of market cap for the first time since August, and is set for its best yearly performance since 2020. While sales have improved on the back of the release of the iPhone 15, analysts remain focused on the company's current sales cycle as well as its performance in China – a key market for the company – and whether changes in consumer trends may impact the company's bottom line going into the new year.

Yahoo Finance’s Diane King Hall and Brad Smith weigh in on Apple’s journey throughout the year—and outlook for 2024.

Video transcript

- Everyone we've got to track Apple this morning, ticker symbol AAPL. Once again, a $3 trillion market cap company, the tech giant surpassed the threshold, for the first time, since August of this year. And is on track for its best yearly performance since 2020.

You're seeing shares this morning up by about 4/10 of a percent, a few things to really kind of look out to here going forward for Apple, especially in this current quarter. We know this is a heavy sales cycle that electronics companies, none more so than Apple, which IDC is projecting to get to its highest ever market share of its operating system worldwide this year.

So that is one of the things to keep close tabs on here. However, it comes within the backdrop of a consumer environment, where we've got even more of the cuts on expectations in China, a key region for Apple. And us getting back to this level is really after a November that erased much of the volatility and the declines that we had seen in the latter half of this year and the final few months of summer plus early in the autumn, as well here. So all of that considered, Apple just getting back to some of those summer or mid summer levels.

- Indeed, it's got a little bit of holiday cheer or holiday halo around it right now.

- [INAUDIBLE]

- It does. Yeah, the Grinch did not steal Apple, clearly.

[LAUGHS]

But Yes, it's a mark that it saw earlier this year. It's reached that milestone again. It's certainly performing better than the NASDAQ, although the NASDAQ has performed well this year, when you think about how well the tech sector has done. I mean, the NASDAQ up more than 30% for the year.

But Apple, the crown jewel, thanks to its crown jewel, the iPhone, which continues to just fuel gains at that company. I mean, you know so when you think about where this stock has come from, it's up more than 50% this year.

And if you got in on it at the beginning of the year, you are sitting pretty right now. And it's, you know, we know it's been a big part of just the gains that we've seen in the Magnificent Seven and what's really just been carrying this market, overall, this year. So it's interesting to note that it's reached this milestone once again.

- Absolutely.