Apple AAPL.O’s stock market value briefly topped $3 trillion in intraday trading on January 3, 2022, before closing the session just below that mark.
The latest gains in shares of the world’s most valuable firm follow strong rallies this year by several of Wall Street’s tech-related heavyweights, fueled by bets the Federal Reserve is nearing the end of its life. interest rate hike campaign and optimism about the potential of artificial intelligence.
“There really hasn’t been any new information to support the stock move,” said Thomas Martin of Globalt Investments. “What you’re left with is, you know, the market itself.”
Apple has skyrocketed 46% in 2023, while Nvidia’s NVDA.O has climbed 185%, becoming the first chipmaker with a market value of more than $1 trillion. Tesla TSLA.O and Meta Platforms META.O have more than doubled this year and Microsoft MSFT.O has added 40%.