Apple shares add $1tn in value but enthusiasm cools

The stock’s 50% rally this year leave it priced at 29 times profits projected for 2024, nearly double its 10-year average valuation

Investors have been betting that iPhone maker Apple will continue to churn out big profits regardless of the health of the economy. 

Apple added nearly $1 trillion in market value this year but such gains in 2024 will be harder to come by.

As it looks to arrest four consecutive quarters of declining revenue, the world’s most valuable publicly-traded company faces uncertainty in China, where government agencies are cracking down on foreign-made devices.