If you needed any more evidence that the stock market bulls are back in control, Apple added to the conversation today. 🗫
The consumer tech giant closed back above the $3 trillion market cap line for the first time since August, cementing its place as the only company to do so. 🤩
However, Microsoft’s artificial intelligence (AI) and cloud efforts keep the stock near all-time highs, with its market cap at $2.768 trillion. Saudi Aramco is close behind at $2.132 trillion but is suffering due to the recent energy slowdown.
So what is Apple’s secret sauce? Well, it sells many products and generates a lot of free cash flow. It also reduces the amount of shares available to the public market with aggressive stock buybacks. 💵
The chart below shows the stock’s journey to $3 trillion, along with its shares outstanding and free cash flow numbers over time. 📊
We’ll have to see if this stock market run can continue into 2024, as many are expecting. For now, bulls remain in control and are not afraid to show it… 🤷