Apple's shares climbed to a record high close on Wall Street last night and were on the cusp of a $3 trillion market capitalisation.
The iPhone maker's stock rose 0.6% to end the day at $189.25, putting Apple's market value at $2.98 trillion, according to Refinitiv data.
It marked the second record high close for Apple's shares in a row.
Apple has yet to end a trading session with a stock market value above $3 trillion. It briefly peaked above $3 trillion in intra-day trading on January 3, 2022 before closing the session just below that mark.
The latest gains in shares of the world's most valuable company follow strong rebounds this year from several of Wall Street's technology-related heavyweights.
The gains are being fueled by bets that the Federal Reserve is nearing the end of its campaign of US interest rate hikes, and by optimism about the potential for artificial intelligence.
Apple has jumped 46% in 2023, while Nvidia has surged 185%, making it the first chipmaker with a stock market value over $1 trillion.
Tesla and Meta Platforms have more than doubled this year, and Microsoft has added 40%.
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.
Its 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.
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.
