(Reuters) – Apple Inc’s market capitalization on Friday breached the $3 trillion mark for the first time since January last year, as investors bet on the iPhone maker’s ability to grow its revenue even as it explores new markets such as virtual reality.
Shares of Apple, which is also the world’s most valuable- listed company, were up 1.3% at $191.99 in morning trading.
Apple’s market value briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022, before closing the session just below that mark.
The latest gains in Apple shares come as technology stocks rebound on bets that the Federal Reserve may be slowing its pace of interest rate hikes as well as on the buzz around artificial intelligence.
Apple’s better-than-expected iPhone sales during its second quarter and the introduction of new products, including an augmented-reality headset called the Vision Pro in June, highlight the tech giant’s resiliency in an uncertain economy.
Currently, four other U.S. companies have a valuation of more than $1 trillion – Alphabet Inc, Microsoft Corp, Amazon.com Inc and Nvidia Corp.
Apple shares have jumped nearly 46% this year, while those of Tesla and Meta Platforms have more than doubled.
A near 180% gain in shares of Nvidia in 2023 has catapulted the chipmaker into the trillion-dollar club.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D’Silva)