On Wednesday, Apple’s stock reached an intraday high and was close to finishing the day for the first time with a market capitalization above $3 trillion.
The stock price of the iPhone manufacturer reached a record high of $189.90, up as much as 1%. The stock of the iPhone manufacturer last traded at $188.81, up 0.4% from its session high, putting its market value at $2.97 trillion, according to data from Refinitiv.
Apple’s stock market value hit the $3 trillion mark for a short period of time. In intra-day trading on Jan. 3, 2022, prior to closing the session just below that level.
The recent profits in the shares of the largest company in the world come after strong rebounds this year from multiple Wall Street’s technology-related heavyweights, spurred by wagers that the Federal Reserve is approaching the end of its interest rate hike campaign and by hope about the potential for artificial intelligence. “There hasn’t really been any new information fundamentally that would be supportive of the stock move,” said Thomas Martin, Senior Portfolio Manager at Globalt Investments.