The iPhone maker’s stock rose 0.6% to end the day at $189.25, putting Apple’s market value at $2.98 trillion, according to Refinitiv data

Apple Shares Reach All-Time High and Market Cap Nears USD 3 Trillion

On Wednesday, Apple’s stock reached an all-time high and was on the verge of achieving a market capitalization of $3 trillion.

Shares of the iPhone maker rose 0.6 percent to end the day at $189.25, giving Apple a market value of $2.98 trillion, according to data from Refinitiv. It was the second straight close to a record high for Apple shares.

Apple has yet to finalize a transaction with a stock market value exceeding $3 trillion. It briefly peaked above $3 trillion in intraday trading on January 3, 2022 before closing the session just below that mark.

The latest gains in shares of the world’s most valuable company come after a series of strong gains by several Wall Street tech heavyweights this year, fueled by bets that the Federal Reserve is nearing the end of its U.S. interest rate hike campaign and optimism about the potential of artificial intelligence.

“There hasn’t really been any new information to support the stock move,” said Thomas Martin, senior portfolio manager at Globalt Investments. “What you’re left with is the market itself.”

Apple has jumped 46% in 2023, while Nvidia is up 185%, making it the first chipmaker to exceed $1 trillion in stock market value. Tesla and Meta Platforms have more than doubled this year, and Microsoft has added 40 percent.

Apple’s approach to the $3 trillion milestone follows the June 5 launch of an expensive augmented reality headset, its riskiest bet since the iPhone more than a decade ago.

Similarly, Apple’s most recent quarterly report in May showed a decline in revenue and profits, but still exceeded analysts’ expectations.

Combined with a solid history of share buybacks, these financial results reinforced its reputation among investors as a safe haven during times of global economic uncertainty.

The recent rise in Apple shares has exceeded analysts’ estimates of the company’s future earnings. The stock now trades at about 29 times expected earnings, the highest multiple since February 2022, according to Refinitiv data.