(NASDAQ: AAPL) is the most valuable company in the world with a market capitalization of just over $3 trillion. It reached this position thanks to the terrific demand for its iPhones, iPads, and MacBooks over the years. But the company now needs something new to power its next phase of growth.

Apple's growth plateaued thanks to a weak smartphone market. The company's revenue in the first six months of the current fiscal year dropped to $212 billion (compared to $221 billion in the same period a year ago). The iPhone, which generated 55% of its revenue in the first half of fiscal 2023, saw a dip in sales.

There is a good chance that Apple can strike gold with its next generation of iPhones as a massive installed base of users will need upgrades and the company has strong pricing power. But the tech giant is also taking steps to diversify into new areas to accelerate its growth. One way it hopes to do that is by jumping into the small but fast-growing market for mixed-reality headsets. There are also rumors that Apple is developing self-driving vehicles.

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Source Fool.com