Apple Inc become the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets coupled with expectations of a more moderate approach to interest rate hikes by the Federal Reserve.
Apple's most recent quarterly report in May showing its revenue and profits beat analysts' expectations, and its track record of stock buybacks, reinforced its reputation as a safe investment during global economic uncertainty. Tesla's surge was fuelled by deals struck by rivals Ford Motor Co and General Motors Co to gain access to Tesla's charging network, which could potentially establish Tesla's chargers as the industry standard.
The company's shares have soared following a revenue forecast that was more than 50 per cent above the Wall Street estimate in May.