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16 Jun 2023

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Apple's Value Keeps Growing in the Face of Difficult Market Conditions

Apple Computer stock reached a 52-week high on Friday, June 16, with its market cap now exceeding $2.9 trillion. This in the face of mostly derisory reports of its $3,500 Vision Pro “mixed reality” headset, which has a battery life of about 2 hours and which won't be available until 2024.

A recent Bloomberg report calls the continued rise of Apple's value as “somewhat befuddling,” while also noting that Mac shipments were down about 40% year-on-year in Q1 2023, that “the smartphone market is in an extended decline,” and wearables like the Apple Watch are not growing “at a pace that will offset the malaise in Apple's main business lines.”

Apple CEO Tim Cook has promised that the cost of the Vision Pro will come down, and sees it as the ticket to being able to access metaverses that have practical uses in businesses. Perhaps that's what's sustaining Apple's market cap in the face of difficult numbers throughout its current product line.

Photo from Apple Corp.

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