Apple stock hits record, on cusp of $3 trillion market value

Apple’s stock reached a record high close and came close to a $3 trillion market cap. The company’s shares rose 0.6% to $189.25, giving it a market value of $2.98 trillion. Apple has yet to end a trading session above $3 trillion but briefly surpassed that mark in intra-day trading. The increase in Apple’s stock follows a strong rebound in tech heavyweights and optimism around artificial intelligence. Despite a drop in revenue and profits, Apple’s strong track record and stock buybacks make it a safe investment. The stock is now trading at about 29 times expected earnings, its highest multiple since February 2022.