Apple’s stock reached a new milestone on Wednesday as it climbed to an intra-day record high and inched closer to a market capitalisation above $3 trillion. The surge in Apple’s shares saw them rise by as much as 1% to reach an all-time high of $189.90. While the stock slightly pulled back from this session high, it still maintained a 0.4% increase at $188.81. As a result of this surge, Apple’s market value stood at an impressive $2.97 trillion, as reported by Refinitiv data.

It should be noted that Apple’s stock market value briefly exceeded $3 trillion in intra-day trading back on January 3, 2022, but closed the session just below that mark. Nevertheless, the latest gains in the shares of the technology giant represent significant rebounds for various technology-related heavyweights on Wall Street. These rebounds have been driven by the market’s optimism surrounding the potential for artificial intelligence and the belief that the Federal Reserve is approaching the end of its campaign of interest rate hikes.

Senior Portfolio Manager at Globalt Investments, Thomas Martin, commented on the recent surge in Apple’s stock, stating that there hasn’t been any new information fundamentally that would support such a move. Despite this, Apple continues to dominate as the world’s most valuable company, maintaining its strong market position.

In conclusion, Apple’s stock reaching a record high and being on the brink of achieving a market capitalisation above $3 trillion demonstrates its enduring success in the technology industry. The gains in Apple’s shares highlight the positive sentiment surrounding the technology sector, particularly in relation to artificial intelligence. As the market waits for further updates and developments, Apple is likely to maintain its position as a major player in the global stock market.