The share price of consumer electronics giant Apple (AAPL) has closed at a record high as this year’s rally in technology stocks continues.
The iPhone maker's stock closed on June 28 at an all-time high of $189.25 U.S. on a split adjusted basis, putting Apple's market capitalization at $2.98 trillion U.S., according to Refinitiv data.
Apple has never finished a trading session with a valuation above $3 trillion U.S. The company’s stock peaked above $3 trillion U.S. in intra-day trading on January 3, 2022 before closing below that key threshold.
The rise in Apple’s stock comes amid a rally in technology stocks this year. Since January, the technology-laden Nasdaq index has risen 30%, double the 15% gain in the S&P 500 index.
Investors and traders are betting that the U.S. Federal Reserve is near the end of its interest rate hikes and there is growing enthusiasm for artificial intelligence (A.I.) applications.
So far this year, Apple’s stock has increased 51%, while Nvidia’s (NVDA) share price has risen 187%, giving the chipmaker a market capitalization over $1 trillion U.S. Meta Platforms’ (META) stock has gained 129% year to date.
Apple's stock has gotten a boost over the past month after the company unveiled on June 5 a new augmented-reality headset, its first original product since the launch of the iPhone in 2007.
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