Apple Inc.(NASDAQ:AAPL) is inching closer towards becoming the first company to reach a US$1trn market capitalisation after its shares hit an all-time high.
Shares in the tech giant reached a record intraday high of US$162.96 yesterday and have risen to US$163.31 in US pre-market trading following reports that it plans to unveil its next iPhone on 12 September.
Its market capitalisation currently stands at about US$841bn and some analysts expect it will reach US$1trn following the release of the iPhone 8.
READ: Apple expected to unveil iPhone 8 on 12 September at product launch in California
Defining moment for company
Jordan Hiscott, chief trader at ayondo markets, said Apple is on the verge of becoming the first company to breach the US$1trn market value.
“Catalysts for this latest move up could be the company’s generous dividend pay-out or the gigantic cash pile,” Hiscott said.
“For me, it’s the imminent launch of the iPhone 8, due for September 12. With the iPhone being Apple’s flagship product this could be a defining moment for the company.”
READ: Apple to become first company to reach US$1trn market capitalisation, RBC Capital says
Last month, RBC Capital said it also sees Apple’s market value rising to US$1trn as it expects upside to the release of the new phone.
The 10th anniversary iPhone is expected to be showcased at Apple’s product announcement at its new headquarters in California next month, potentially putting to bed rumours of delays due to supply chain issues.
Three new iPhones said to be on way to market
Three new iPhones are said to be on their way to the market, including two updated versions of the iPhone 7 and a premium iPhone 8 that includes an edge-to-edge display and facial-recognition technology.
Research firm IDC gave Apple’s shares another boost after releasing bullish estimates for the new iPhone. IDC sees iPhone shipments rising 9.1% in 2018 after the iPhone 8, 7S and 7S Plus models are released.
The iPhone 8 will raise Apple’s average selling prices as the starting price of the handset is US$1,000, 50% higher than the base price of the current iPhone.