Apple's stock reached a remarkable milestone as it soared to an all-time high on Wednesday, positioning itself on the verge of achieving a staggering $3 trillion market capitalization.

The closing bell witnessed a 0.6% surge, propelling Apple's stock to $189.25. This remarkable achievement places the company's market value at an impressive USD 2.98 trillion, according to Refinitiv data. It marks the second consecutive record-breaking close for Apple's shares.

Apple stock hits record, on cusp of $3 trillion market value

While Apple has come close to surpassing the $3 trillion mark in intra-day trading on January 3, 2022, it is yet to conclude a trading session with such a remarkable stock market value.

The latest upswing in shares of this globally renowned tech giant is a result of a resolute recovery experienced by various prominent technology companies on Wall Street. Market players are banking on the Federal Reserve's imminent conclusion of its U.S. interest rate hike campaign, coupled with the excitement surrounding the potential of artificial intelligence.

During the course of 2023, Apple has witnessed a staggering 46% surge, while chipmaker Nvidia NVDA.O has experienced an astounding 185% leap, becoming the first in its industry to achieve a stock market value exceeding $1 trillion. Furthermore, Tesla TSLA.O and Meta Platforms META.O have more than doubled their value this year, and Microsoft MSFT.O has made a solid 40% addition to its market value.

Apple's pursuit of the $3 trillion milestone is fueled by its recent launch of a groundbreaking augmented-reality headset on June 5. This bold move represents Apple's riskiest venture since the iconic introduction of the iPhone over a decade ago.

Despite a decline in revenue and profits, Apple's most recent quarterly report in May managed to surpass analysts' expectations. The company's unwavering commitment to stock buybacks, along with favorable financial results, has further solidified its reputation as a secure investment during a period of global economic uncertainty.

Apple's stock gains in recent times have exceeded analysts' forecasts for the company's future earnings. Currently, the stock is trading at approximately 29 times the anticipated earnings, the highest multiple since February 2022, based on Refinitiv data.

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