Apple Inc has become the first company in the world to achieve a market value of $3 trillion, driven by its expansion into new markets and investor optimism about the Federal Reserve’s more moderate approach to interest rate hikes.
The impressive growth of Apple’s stock comes as investors show interest in companies focused on artificial intelligence and those with strong financials.
Apple’s recent quarterly report, which exceeded analysts’ expectations, and its history of stock buybacks have solidified its reputation as a safe investment during times of global economic uncertainty.
Apple stock hits record, on the verge of $3-trillion market value
Another notable company experiencing significant market value growth is Tesla Inc, which saw a 28% surge in market capitalization in June.
This increase was fueled by deals made by rival companies Ford Motor Co and General Motors Co to access Tesla’s charging network, potentially establishing Tesla’s chargers as the industry standard.
Additionally, Nvidia Corp recently reached a valuation of $1 trillion as its market cap increased by 11.8%. Investors are betting on Nvidia’s potential to benefit from the artificial intelligence boom.
Nvidia briefly joins $1T valuation club
The company’s shares skyrocketed after its revenue forecast exceeded Wall Street estimates by over 50% in May.
At the end of June, Apple and Microsoft Corp were among the top 20 global companies in terms of market capitalization.
In contrast, Alphabet Inc’s market cap declined by 2.3% to $1.53 trillion due to increased competition from Microsoft’s Bing, which gained prominence after integrating artificial intelligence from ChatGPT.
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