Apple shares hit all-time high ahead of developer conference

People arrive before an Apple event on the campus of Apple's headquarters in Cupertino, Calif., on Sept. 7, 2022. (Jeff Chiu / AP)

Apple Inc shares hit a record high for the first time in 17 months on Monday, ahead of an annual software developer conference, although their market value remained short of an all-time peak of US$3 trillion.

Apple is expected to launch a mixed-reality headset later in the day, which would be its first big move into a new product category since the introduction of the Apple Watch nine years ago.

Shares of the world's most valuable listed company were last up 1.5% at $183.70.They have jumped nearly 40% in 2023, compared with an 11.5% rise in the benchmark S&P 500.

Apple became the only company to hit $3 trillion in market capitalization early last year. It was last valued at $2.89 trillion.

The iPhone maker's forward 12-month price-to-earnings ratio is 28.39, compared with the sector median of 12.79.

Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva

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