Apple achieved a record-high close on Wednesday, edging closer to a remarkable $3 trillion market capitalisation. The tech giant’s stock climbed 0.6% to $189.25, resulting in a market value of $2.98 trillion, as reported by Refinitiv data. This marked the second consecutive record close for Apple’s shares.
While Apple has yet to conclude a trading session with a stock market value exceeding $3 trillion, it briefly surpassed this milestone in intra-day trading on January 3, 2022, before settling just below the mark by the end of the session.
The recent surge in Apple’s shares, propelling it to become the world’s most valuable company, mirrors the robust recovery of several tech-related giants on Wall Street. This resurgence has been fueled by speculation that the Federal Reserve is nearing the end of its U.S. interest rate hike campaign and an optimistic outlook on the potential of artificial intelligence.
In 2023 alone, Apple’s stock has surged by 46%, while chipmaker Nvidia witnessed a staggering 185% increase, becoming the first trillion-dollar chipmaker by market value. Other technology giants like Tesla, Meta Platforms, and Microsoft have also experienced substantial growth, with their stocks more than doubling or adding significant value this year.
Apple’s push towards the $3 trillion milestone was marked by the launch of a high-priced augmented-reality headset on June 5, representing the company’s riskiest venture since the introduction of the iPhone over a decade ago.
