Apple becomes first company to close at $3 trillion market cap

Apple becomes first company to close at $3 trillion market cap

Apple becomes first company to close at $3 trillion market cap

Apple(193.97, 4.38, 2.31%) surpassed $3 trillion in market capitalization for the first time   on Friday .

Shares of Apple rose 2.3 percent to $193.97 as of Friday’s close, giving it a market capitalization of $3.05 trillion.

It was the fourth straight record closing high for Apple.

The company peaked above $3 trillion in intraday trading on Jan. 3, 2022, before closing just below that level.

Growth heavyweights including Apple, Nvidia and Tesla(261.77, 4.27, 1.66%)  rose sharply after the Commerce Department reported that the price index for personal consumption expenditures rose less in May than in April, reflecting progress in the Fed’s fight .

Apple shares have soared 49% so far in 2023, driven by some of Wall Street’s most valuable companies, driven largely by bets that the Federal Reserve’s rate hike campaign is coming to an end and optimism about the potential of artificial intelligence.

Apple’s latest quarterly report in May showed a decline in both revenue and profit, but still beat analysts’ expectations. Along with a solid record of share buybacks, the financial results have cemented its reputation as a safe investment during times of global economic uncertainty.

Apple hit the $3 trillion milestone after unveiling an expensive augmented reality headset on June 5, its riskiest bet since the iPhone was introduced more than a decade ago.

(130.36, 2.46, 1.92%)(340.54, 5.49, 1.64%)340.54, 5.49, 1.64%)

Shares of Tesla and Meta Platforms have more than doubled this year, while Nvidia’s shares have risen 190%, putting the chipmaker in the trillion-dollar club.

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