Apple stock price hit a record high on Wednesday with its market capitalisation surpassing the $3 trillion mark during the day.
The stock settled 0.6 per cent higher at a record high for the second straight session at $189.25, putting its market value at $2.98 trillion at the day's end, according to Refinitiv data.
The recent surge in Apple shares comes after recent gains in technology stocks on Wall Street amid optimism about the potential for artificial intelligence and anticipation that the Federal Reserve is nearing the end of its rate hike session, reported Reuters.
Apple stock has gained over 46 per cent in 2023 so far. Other tech giants such as Tesla and Meta Inc have more than doubled. Nvidia's share jumped 185 per cent and Microsoft rallied 45 per cent this year.
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Apple launched its augmented reality (AR) headset Vision Pro during its annual Worldwide Developers Conference on June 5. The pricey product with exterior cameras, allows users to interact with digital content in mixed reality.
In its quarterly report in May, Apple reported a fall in revenue and profits but still beat analysts’ estimates. In addition to a solid record of stock buybacks, the financial results strengthened its reputation among investors as a safe investment at a time of global economic downturn, according to a Reuters report.
The recent surge in Apple stock has beaten analysts’ forecasts for the company’s future earnings. The share is now trading around 29 times expected earnings, its highest multiple since February 2022, as per Refinitiv data.
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