On Wednesday, Apple’s stock reached a record high closing and was just short of reaching a market capitalization of $3 trillion.

According to Refinitiv statistics, the shares of the iPhone manufacturer increased 0.6% to close the day at $189.25, putting Apple’s market worth at $2.98 trillion. Apple’s shares closed at a record high for the second day in a row.

Apple has not yet had a stock market value at the end of a trading day that is greater than $3 trillion. On January 3, 2022, it reached an intraday high of $3 trillion before finishing the day just below that threshold.

The most recent gains in the stock of the most valuable company in the world come after significant recoveries this year from several Wall Street heavyweights in the technology sector, spurred by expectations that the Federal Reserve’s U.S. interest rate campaign is about to come to a halt. interest rate hikes and by hope for the future of artificial intelligence.

The stock move hasn’t really been supported by any fundamentally new information, according to Thomas Martin, Senior Portfolio Manager at Globalt Investments. What’s left is the market itself, as you well know.

Nvidia climbed by 185%, becoming the first chipmaker to reach a stock market value of over $1 trillion in 2023, while Apple increased by 46%. Microsoft has increased by 40%, and Tesla and Meta Platforms have more than doubled this year.

Following the June 5 release of an expensive augmented-reality headset, Apple is getting close to reaching the $3 trillion mark. This is the company’s riskiest venture since the release of the iPhone more than ten years ago.

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