Apple now the world's first $3 trillion company

Apple on Monday became the first company in the world to hit $3 trillion in market capitalization, thanks to investor confidence that the iPhone maker will keep launching best-selling products as it explores new markets like automated cars and the metaverse.

On the first day of trading in 2022, Apple's stock touched a record high of $182.88. When multiplied by its 16.4 billion outstanding shares, the iPhone maker's market valuation reached above the $3 trillion mark.

Apple is the first to reach the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

Analysts expect demand for iPhones to remain strong in 2022, as Apple leads China's smartphone market and more consumers subscribe to its services.