Apple closed at a record high as it headed for a market capitalization of $4 trillion.

CTOnews.com: Apple closed at a record high on December 14, closing at $197.96 a share on December 13 and currently has a market capitalization of $3.08 trillion (CTOnews.com Note: about 22.11 trillion yuan).

In an investor note released on Sunday, Dan Ives, an analyst at Wedbush, the US investment bank, raised Apple's target price from $240to $250per share and said the boost in iPhone sales would further boost Apple's share price.

"there are about 240 million iPhone upgrades worldwide, and iPhone 15 and services are accelerating into [fiscal year 2024], which we think is a golden opportunity to own Apple next year," Ives said.

Ives predicts that Apple will ship 2.2-230 million iPhone units worldwide in 2023, exceeding Wall Street expectations and is expected to become the first company with a market capitalization of more than $4 trillion next year.