Apple's market capitalization topped $3 trillion on Friday after shares of the tech giant surpassed $190.73 during intraday trading.
In January 2022, the company reached the $3 trillion mark but slipped below the level before the closing bell.
"Apple invested heavily in services before the pandemic, and it’s starting to bear fruit," David Russell, vice president of market intelligence at the TradeStation Group, told FOX Business. "The market typically assigns higher multiples to those revenues, which is helping drive valuation," he continued. "But the real driver has been renewed confidence in its fundamentals."
iPhones are on display during a press preview of India's first Apple Store in Mumbai, India, Monday, April 17, 2023. Apple will open its first retail store in India in Mumbai on Tuesday. ((AP Photo/Rafiq Maqbool) / AP Newsroom)
"Higher-priced iPhones are boosting margins and investors are now looking into the future and expecting more positives with about a quarter of a billion handsets due for upgrade soon. Apple is also entering the Indian market, which opens a bigger growth potential," Russell added.
Apple CEO Tim Cook speaks during an announcement of new products on the Apple campus on June 5, 2023, in Cupertino, California. (AP Photo/Jeff Chiu / AP Images)
Indian Prime Minister Narendra Modi attended a state dinner at the White House earlier in June, with other guests including Apple CEO Tim Cook, Google CEO Sundar Pichai, Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman.
Apple CEO Tim Cook and his guest, former EPA administrator Lisa Jackson, who is now Apple's vice president of environment, policy and social initiatives, arrive to attend the state dinner hosted by President Biden for India's Prime Minister Narendra (Reuters/Julia Nikhinson / Reuters Photos)
Modi’s visit comes as the U.S. looks to deepen ties with India as it continues its rapid economic growth and becomes an increasingly attractive destination for firms relocating operations out of China amid the ongoing geopolitical tensions in the Indo-Pacific region.
Last year, India overtook the United Kingdom as the world’s fifth-largest economy, while its population surpassed China’s as the world’s largest this April and is forecasted to grow for decades to come.
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FOX Business' Eric Revell contributed to this report.