stock climbed to an intraday record high on Wednesday, and was on the cusp of ending the session for the first time with a market capitalization above $3-trillion.
The iPhone maker’s shares rose as much as 1 per cent to $189.90, their highest ever. With the stock last trading off that session high, up 0.4 per cent at $188.81, the iPhone maker’s stock market value stood at $2.97-trillion, according to Refinitiv data. Apple’s stock market value briefly peaked above $3-trillion in intraday trading on Jan. 3, 2022 before closing the session just below that mark.
The latest gains in the shares of the world’s most valuable company follow strong rebounds this year from several of Wall Street’s technology-related heavyweights, fuelled by bets that the Federal Reserve is nearing the end of its campaign of interest rate hikes, and by optimism 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. “What you’re left with is, you know, the market itself.”
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