Apple company made a market cap of $3 trillion during intraday trading on Monday, tripling its valuation in less than four years.

This makes Apple the first company to reach a market capitalization of $3 trillion.

Apple broke the barrier when its stock price hit $182.86. The milestone is mostly symbolic but shows that investors are excited about Apple’s stock and its potential to grow. Apple showed annual growth across all of its product categories in its fourth-quarter earnings, with revenue up 29 percent year-over-year.

While the iPhone is still the biggest sales driver, Apple’s services business grew 25.6 percent year-over-year and generated more than $18 billion in revenue during the quarter. And analysts appear to have plenty of room to run.

In December, for example, Morgan Stanley’s Katy Huberty raised the firm’s price target on Apple from $164 to $200, and maintained a buy rating equivalent, arguing that virtual reality and augmented reality headsets such as New products not yet baked in stock. Price.

Huberty also said he expects Apple’s App Store revenue to outperform Morgan Stanley’s forecasts for the quarter and for Apple to ship 83 million units during the December quarter, 3 million more than projected.

Apple sold 27 million pairs of its latest AirPods models over the holidays, leading to a 20 percent year-over-year increase for Apple’s wearables business during the quarter, said analyst Ming-Chi Kuo of TFI Asset Management Ltd. said in Monday’s note,

Investors also turned to Apple as a haven during recent market uncertainty, thanks to its strong balance sheet and prodigious cash flow, which it uses to invest in new products, perform stock buybacks, and return capital to shareholders through dividends.

Apple on August 2, 2018, became the first publicly traded US company to hit the $1 trillion market cap during intraday trading. It followed two years later on August 19, 2020, with a valuation of $2 trillion.

Apple’s peers are not far behind either. Microsoft is worth about $2.5 trillion, Amazon Has a market cap of approximately $1.75, and Google has a market valuation of just $2 trillion.

Apple’s stock is up just under 3% on the day and is up 34 percent in 2021.

Only a few companies, such as Tesla and Amazon, are worth more than $1 trillion. Alphabet, the parent company of Google, and Saudi Aramco, the oil company, are both valued at around $2 trillion, while Microsoft is valued at around $2.5 trillion.