Apple WWDC 2018: Apple share price hits record high; tech giant may soon become $1 tn company

Apple share price hit record high on Tuesday but was still over 6 per cent away for its to become the first trillion-dollar company. On Apple Inc’s 11th annual Worldwide Developer Conference day, the stock rallied as much as 1.7 per cent to a record intraday high, but pared gains to close 0.8 per cent higher at a record closing high of $191.83. 

On Wall Street, the stock provided the biggest boost to Nasdaq and S&P 500 indexes. The iPhone maker was valued at $951 billion as of Monday’s close. 

Apple is about $50 billion or 6 per cent away from $1 trillion market cap.

“Given Apple’s close proximity to a $1 trillion market capitalization, the focus on the stock performance following WWDC might be greater,” BTIG analyst Walter Piecyk wrote in a note, as reported by Reuters

“Apple’s stock would need to rise $12 to $202 to clear the milestone. Unfortunately, Apple has not typically demonstrated that type of performance following a WWDC.”

Apple's 11th annual WWDC kicked off on Monday with the tech giant unveiling the latest version of its operating system for the iPhone and iPad, iOS 12, saying it would make older devices such as the iPhone 6 work better.

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At its annual developer conference in San Jose, Apple said that iOS 12 could carry out simple tasks, such as opening apps, up to twice as fast as its predecessor, iOS 11. The company said the operating system would work on the same devices as iOS 11.

(With inputs from Reuters)