Apple’s stock mounted to an intra-day record high, ending the session for the first time with a market capitalisation above $3 trillion.

The iPhone maker’s shares rose 1% to $189.90, their highest ever. The stock last traded off that session high, up 0.4% at $188.81, and the iPhone maker’s stock market value raised to $2.97 trillion.

Apple’s stock market value briefly peaked above $3 trillion in intra-day trading on January 3, 2022, before closing the session just below that mark.

Apple has soared 46% in 2023, while Nvidia has surged 185%, making it the first chipmaker with a stock market cost of over $1 trillion. Tesla and Meta Platforms have doubled this year, and Microsoft has added 40%.
Apple’s approach toward its $3 trillion landmark follows the June 5 launch of a pricey augmented-reality headset, its riskiest bet since iPhone introduction more than a decade ago.

Apple’s most recent quarterly report in May also showed a drop in revenue and profits but still beat analysts’ prospects. With a stable track record of stock buybacks, those financial results strengthened its reputation among investors as a safe investment in global economic uncertainty.

The recent gains in Apple’s shares have outperformed analysts’ estimates for future earnings. The stock is trading at about 29 times predictable earnings, its highest multiple since February 2022.