Actually, it’s partying like it’s March 2000. The real credit goes to AAPL, which makes up 15% of the NASDAQ composite. But the real credit goes to Carl Icahn, who controls Apple’s stock price by tweeting at it.
It took 15 years to get back to this level! Remember what the world looked like in March 2000? Thank god we don’t live in that universe anymore.
Apple has raised less money in its entire 4-decade lifespan than most of today’s startups.
In 1980, Apple (AAPL) raised $97M in an IPO. In 1997, Apple received a $150M investment from Microsoft. Apple hasn’t seen a dime of outside investment beyond that. The AAPL shares in your Roth IRA? You bought that from a secondary trader on NASDAQ, who bought them from someone else who paid Apple 0.4% of your purchase price.
With only $247M in outside investment, Apple bootstrapped itself to become the second most profitable company in America (behind Exxon Mobil). To be fair, $247M was a lot of money back then. But Uber and Box and their billion-dollar rounds can’t even touch that.
Why is Apple so generous to shareholders who have given it so little? It’s not AAPL’s job to prop up Carl Icahn’s net worth, or to provide for everyone’s retirement fund.
Apple only cares about its share price because its board and employees receive some compensation in stock options, and share prices can lead to more favorable terms for debt financing*. Also I guess they don’t want to look like a cheap acquihire target for Yahoo or Facebook or something.