Apple stock hits record, on cusp of US$3 trillion market value
$Apple (AAPL.US)$ ’S stock climbed to a record high close on Wednesday and was on the cusp of a US$3 trillion market capitalisation.
Apple has yet to end a trading session with a stock market value above US$3 trillion. It briefly peaked above US$3 trillion in intra-day trading on Jan 3, 2022 before closing the session just below that mark.
The latest gains in shares of the world’s most valuable company follow strong rebounds this year from several of Wall Street’s technology-related heavyweights, fuelled by bets that the Federal Reserve is nearing the end of its campaign of US interest rate hikes, and by optimism about the potential for artificial intelligence.
Apple has jumped 46 per cent in 2023, while $NVIDIA (NVDA.US)$ has surged 185 per cent, making it the first chipmaker with a stock market value over US$1 trillion. $Tesla (TSLA.US)$ and $Meta Platforms (META.US)$ have more than doubled this year, and Microsoft has added 40 per cent.
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