Apple’s stock sets a record and is approaching a market value of $3 trillion

Apple’s stock reached an intraday high and was close to finishing the day for the first time with a market capitalization above $3 trillion.

The stock price of the iPhone manufacturer reached a record high of $189.90, up as much as 1%. The shares of the iPhone manufacturer recently traded at $188.81, up 0.4% from its session high, putting its market worth at $2.97 trillion, according to data from Refinitiv.

The latest increases in the stock of the most valuable company in the world come after significant gains this year from a number of technology-related heavyweights on Wall Street, spurred by wagers that the Federal Reserve’s campaign of interest rate hikes is about to come to an end and by optimism regarding the potential of artificial intelligence.

Analysts’ projections for Apple’s future earnings have not kept up with the stock’s recent rise. According to Refinitiv data, the company is currently trading at roughly 29 times projected profits, which is its highest multiple since February 2022.