Apple has dethroned longtime rival Microsoft as the most valuable company in history based on the value of its stock, which climbed to around $ 622 billion.
Apple’s stock began a steady rise late last week and hit a new high of $ 664.75 a share near midday yesterday on the Nasdaq exchange amid rumors the tech giant is poised to release new versions of iPhone, iPad, and Apple TV devices.
Apple topped the record of nearly $ 619 billion set by software titan Microsoft in 1999, during the famed dot-com boom years.
Apple shares began a rapid ascent on Friday after Jefferies investment bank analyst Peter Misek predicted the stock will hit $900 and predicted that the arrival of the iPhone 5 “will be the biggest handset launch in history.”
Jefferies reasoned that Apple is positioned to take a significant portion of the profit to be generated by hot trends in smartphones, tablet computers, and gadgets linking to the Internet on latest-generation 4G networks.
The Internet has been abuzz with unconfirmed reports that Apple will introduce a new iPhone, perhaps with a larger screen, at a press event in September.
The Cupertino, California-based company is also believed to be readying a smaller version of its market-ruling iPad, and a revamped Apple TV box, referred to unofficially as “iTV,” that routes video or programming to televisions.
“We believe the iTV is in full production,” Misek told AFP.
The surge in Apple’s stock price demonstrated the powerful expectations for the next generation of gadgets from the culture-changing company, according to Wedbush Securities managing director of equities trading Michael James.
Investors also see promise in hot new Apple gadgets hitting the market in time for year-end holiday shopping, when the company’s products typically shine, James added.
Apple is most valuable company ever at $ 622 bn
Apple is most valuable company ever at $ 622 bn
Saudi POS spending rises 4.3% to $3.47bn in late December
RIYADH: Saudi Arabia’s point-of-sale transactions climbed to SR13.02 billion ($3.47 billion) in the week ended Dec. 27, marking a 4.3 percent increase from the previous seven days, official data showed.
According to the latest report from the Saudi Central Bank, also known as SAMA, the number of transactions rose 1.1 percent to 220.65 million during the period.
The sustained momentum in POS spending reflects firm consumer demand and the Kingdom’s ongoing shift toward digital payments under its Vision 2030 agenda.
Spending in the food and beverages sector remained the largest contributor, totaling SR1.91 billion, up 1.2 percent week on week.
Restaurants and cafes recorded transactions of SR1.57 billion, a marginal 0.1 percent increase, while spending in the apparel, clothing, and accessories segment rose 1.3 percent to SR1.23 billion.
Expenditure in the transportation sector climbed 7.7 percent to SR943.18 million, while spending at gas stations slipped 0.1 percent to SR918.88 million.
In the health sector, POS transactions reached SR776.02 million, up 6.8 percent from the previous week.
Spending in professional business services stood at SR746.76 million, followed by furniture and home supplies at SR515.88 million.
SAMA’s data underscore resilient consumer confidence, despite global economic headwinds, offering continued support to Saudi Arabia’s broader economic transformation.
Earlier this year, the central bank said non-cash retail transactions reached 12.6 billion in 2024, up from 10.8 billion in 2023, highlighting the rapid expansion of electronic payment systems across the Kingdom.
Electronic payments accounted for 79 percent of total retail transactions in 2024, compared with 70 percent a year earlier.
On a regional basis, Riyadh recorded POS transactions worth SR4.63 billion, reflecting a 5 percent weekly increase, while the number of transactions rose 1.6 percent to 70.95 million.
In Jeddah, transaction values totaled SR1.77 billion, up 3 percent from the previous week. Dammam followed with SR659.53 million, an 8.4 percent increase.
POS spending in Makkah amounted to SR594 million, followed by Madinah at SR559.74 million and Alkhobar at SR386.06 million.
