Apple shares hit a record near $3 trillion in market capitalization

Akash Sriram and Noel Randewich

June 28 (Reuters) – Apple shares hit an all-time high on Wednesday and were close to closing the session for the first time with a market capitalization above $3 trillion.

The iPhone maker’s stock rose 1% in the session to $189.90, its all-time high. They rose 0.4% to $188.81 in their last listing, reaching a market value of $2.97 trillion, according to Refinitiv data.

Apple’s stock market cap on January 3, 2022 was briefly $3 trillion.

The recent gains in shares of the world’s most valuable company follow strong rallies this year by many of Wall Street’s technology-related heavyweights as the Federal Reserve nears the end of its tenure. Interest Rate Hike Propaganda and Confidence Artificial Intelligence.

„There’s no new information to support the stock move,” said Thomas Martin of Global Investments. „What you’re left with is, you know, the market.”

Apple is up 46% in 2023, while Nvidia is up 185%, becoming the first chipmaker to have a stock market value of more than $1 trillion. Tesla and Meta platforms have more than doubled this year and Microsoft has added 40%.

Apple’s approach to the $3 trillion milestone follows the June 5 launch of a pricey augmented reality headset, its riskiest gamble since the iPhone was launched a decade ago.

(Edited in Spanish by Carlos Serrano)

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