Apple stock jumps over 6%, valuation tops $5.1 trillion
Apple's stock jumped over 6% on Wednesday, breaking past $354 and setting a new record.
This boost followed the Democratic Party's wins in the US midterm elections and Apple's strong quarterly results, pushing its market value to a massive $5.1 trillion.
Investors seem extra confident in Apple right now, especially with political changes shaking up the tech world.
Apple reliant on iPhone sales, services
With Democrats now controlling Congress, there's fresh attention on how tech companies operate, especially around data centers.
But Apple stands out because it relies mostly on iPhone sales and services, not just big data centers.
Analyst Amit Daryanani notes that even with political uncertainty, Apple is a defensive choice amid uncertainty over the political and regulatory environment in Washington, and he pointed to resilient demand for Apple products, iPhone pricing, and its services business.
While other tech giants might face more hurdles ahead, Apple's diverse business keeps it in a solid spot.