Apple (NASDAQ: AAPL) shares reached all-time highs Monday and are on their way to becoming the first publicly-traded company worth USD3 Trillion. Shares rose 1% during premarket trading to USD181.75, though it needs to hit USD182.85 in order to top the USD3 Trillion threshold.
According to Wedbush analyst Dan Ives, the looming achievement is a “watershed event” and he states the “company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino.”
Apple has yet to reach its peak, says Boris Schlossberg, managing director of FX strategy at BK Asset Management.
“Fully cognizant that the stock is in a massive gamma squeeze right now, I still think Apple is probably going to be the most interesting stock into the next year for two very simple reasons. They are the only company amongst the mega-cap FANGs that is producing two radically new products with the Apple Car and the augmented reality/virtual reality product that hopefully is going to come out sometime next year,” Schlossberg told CNBC’s “Trading Nation” on Thursday.
The Apple car project has been the focus of Wall Street for some time now and reports stating that Apple had advanced the manufacturing of the autonomous vehicle, ultimately gave shares a boost.
“That’s really what I think that the investors are betting on, because this is going to be their next act… Apple obviously has the history of creating transformative products in the digital space,” Schlossberg said. “If they happen to succeed in this space this way, that’s literally the next wave of consumer technology which they might be able to own. So I think you kind of have to make the bet on Apple at this point as far as a high stakes flyer.”