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Apple’s AAPL-Q 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.”

Apple has jumped 46 per cent in 2023, while Nvidia NVDA-Q has surged 185 per cent, making it the first chip maker with a stock market value over $1-trillion. Tesla TSLA-Q and Meta Platforms META-Q have more than doubled this year, and Microsoft MSFT-Q has added 40 per cent.

Apple’s approach toward its $3-trillion milestone follows the June 5 launch of a pricey augmented-reality headset, its riskiest bet since the introduction of the iPhone more than a decade ago.

As well, Apple’s most recent quarterly report in May showed a drop in revenue and profits, but still beat analysts’ expectations. Along with a steady track record of stock buybacks, those financial results reinforced its reputation among investors as a safe investment at a time of global economic uncertainty.

The recent gains in Apple’s shares have outpaced analysts’ estimates for the company’s future earnings. The stock is now trading at about 29 times expected earnings, its highest multiple since February, 2022, according to Refinitiv data.

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