Here's Why Apple Is Worth $3 Trillion
The market has been upbeat about demand for Apple's (NASDAQ: AAPL) iPhone 13 and growing services business. The stock briefly hit $3 trillion in market value recently, which is more than 10% of the U.S. economy. Apple has soundly beaten the market averages, with the shares rising 360% over the last three years.
Most of the gain is a result of an expansion in the multiple investors are willing to pay for Apple's earnings per share (EPS), or the price-to-earnings ratio, rather than growth in the business itself.
Image source: Getty Images.
Source Fool.com