On this day, 48 years ago, Steve Jobs, Steve Wozniak and Ronald Wayne incorporated Apple Inc. AAPL, a company that would go on to revolutionize several industries over the next few decades. From personal computing to software design, smartphones, and even music, Apple has played a key role in shaping modern technology.
Although Wayne left 12 days later, Jobs and Wozniak complimented each other well – while Jobs had a knack for design and consumer experiences, Wozniak was the brains behind Apple technology.
Apple's early days were exciting times for the company. It had to go through what any startup has to – finding the right product market fit. Its key challenges would come a decade later, but its first decades and the first four products were an interesting journey.
The Start Of A Revolution
Apple's existence so far can be cleanly divided into four acts – the exciting first decade, the painful 15 years that brought the company to the brink, Jobs’ return, and the post-Jobs era.
Apple's origins were just as interesting as the company's life so far has been – Wozniak and Jobs both tried to sell their ideas, namely, Apple I and Apple II computers, to other companies.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
Hewlett-Packard passed on the opportunity that Wozniak presented to them, while Atari rejected Jobs' Apple II pitch. But here's where Apple got the next boost it needed – Allan Alcorn, Atari's chief engineer at the time, put Jobs in touch with venture capitalists.
Apple was now preparing to go public and on Dec. 12, 1980, the company debuted on the stock markets. It sold 4.6 million shares at $22 each, mopping up $100 million.
This was the best stock market debut since Ford Motor Company went public in 1956. At the end of the day, Apple created 300 millionaires and the company's market capitalization touched $1.8 billion.
The rest, as they say, is history.
Here's a look at how Apple stock has fared since it went public in 1980.
Apple stock price from Dec. 12, 1980, till today
Apple’s stock, adjusted for stock splits and other corporate actions, was $0.121652 on Dec. 12, 1980.
Its stock price today is $171.48, which is an increase of 140,859% during this period.
Value of a $1,000 investment in Apple stock, and the Nasdaq and S&P 500 indices, respectively, from Dec. 12, 1980, till today
If you had invested $1,000 in Apple stock on Dec. 12, 1980, today, you would have $1,336,055.
Likewise, if you had invested $1,000 in an index fund replicating Nasdaq, you would have $85,658.
A similar $1,000 investment in an index fund that replicates the S&P 500 would be worth $40,659.
Apple's Vision For The Future
While Jobs delivered several revolutionary products, including the iconic Macintosh, iPod, iPhone, and iPad, current CEO Tim Cook has led Apple's fourth innings with a deft hand.
Under Cook's leadership, Apple became the first company in the world to touch the $3 trillion market capitalization mark. He also launched Apple Vision Pro, which has been dubbed Apple's most revolutionary product launch since the iPhone in 2007.
Beyond the Vision Pro headset, Apple is also investing in AI to bring generative AI to its suite of devices and software. Deepwater Asset Management's Gene Munster thinks it will be "the biggest change in Apple's operating system design since the mid-80s point-and-tap/click interface."
Wedbush's Dan Ives believes that the iPhone maker could touch $4 trillion market capitalization by the end of 2024.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Photo courtesy: Apple
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
