Apple
crossed back over the $3 trillion market capitalization level Monday, inching slightly past
Microsoft
to regain the title of the stock market’s most valuable company.
After a slow start to 2024, Apple shares have regained their footing, rallying 1.2% Monday, boosting the stock’s three-day rally to 6%. The stock now is fractionally higher for the year to date.
The company is apparently getting a boost from investor optimism about the early reception for the Vision Pro mixed-reality headset. Apple began taking preorders for the Vision Pro on Friday. Deliveries are scheduled to begin on Feb. 2.
The analyst Ming-Chi Kuo wrote in a post on Medium on Monday that he estimates Apple sold between 160,000 and 180,000 Vision Pro units through the weekend. The Vision Pro “sold out immediately” after preordering opened, he said.
But he noted that shipping times remained unchanged 48 hours after preorders opened. Kuo views that as an indication that “demand may quickly taper off after the core fans and heavy users place their orders.”
Kuo pointed out that popular new iPhone models generally sell out immediately once preorders start, with shipping times generally increasing in the initial hours.
Apple could ship 500,000 Vision Pro units this year, he said.
Barron’s on Monday found the Apple online store quoting delivery times of between Feb. 19 to Feb. 26 for all three versions of Vision Pro, which vary by the amount of onboard memory. Prices for the Vision Pro range from $3,499 to $3,899.
Write to Eric J. Savitz at [email protected]
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