According to CNBC’s most current share count, Apple’s market valuation exceeded $3 trillion for the first time ever on Friday as its shares increased by around 2.31% to a new high and passed the $190.73 price necessary to reach the landmark.

In January 2022, Apple became the first business to reach a $3 trillion market cap during intraday trading, but it was unable to hold that position until the market closed.

It demonstrates that despite the company’s May warning that its current quarter sales are anticipated to decline by around 3%, investors remain positive on the stock and Apple’s assortment of goods and services.

With computer giants promising to “do more with less” during a “year of efficiency” and laying off thousands of workers, investors regard the company as one of the few shining lights in a turbulent year for the industry.

“The Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year in a tougher backdrop to which we firmly believe the exact opposite has happened with Cupertino heading into a massive renaissance of growth over the next 12 to 18 months,” Dan Ives, a senior equity research analyst at Wedbush Securities, wrote in a note on Friday.

With around 25% of Apple’s “golden customer base” not updating their iPhones in more than 4 years, he continued, “In our opinion, the Street has severely underestimated the massive installed base upgrade opportunity around iPhone 14 and now a mini super cycle iPhone 15 ahead.”

Apple stock has increased by nearly 49% so far this year.