Apple Inc. became the first corporation in the world to reach a market value of $3 trillion, helped along by forecasts that the Federal Reserve would raise interest rates more gradually and optimism for the company’s growth into new markets.

In a month highlighted by investor enthusiasm in the promise of artificial intelligence, the iPhone maker’s increase was among the most notable. Share purchasers also showed a preference for businesses with robust balance sheets and cash flows.

The most recent quarterly report from Apple, released in May, which revealed that its revenue and profitability above analysts’ estimates, as well as its history of stock buybacks, strengthened its reputation as a secure investment in times of economic turmoil worldwide.

In a similar vein, Tesla Inc., a manufacturer of electric vehicles, saw a 28% increase in market value in June.

Deals rival automakers Ford Motor Co. and General Motors Co. made to utilise Tesla’s charging network—which might make Tesla’s chargers the industry standard—fueled Tesla’s growth.

Elsewhere Investors bet on Nvidia Corp’s potential to become a major benefactor of an artificial intelligence boom, and as a result, the company’s market worth increased by 11.8% last month, bringing its valuation up to the $1 trillion level.

Following a revenue prediction that was more than 50% higher than the Wall Street expectation in May, the company’s shares have surged.

At the end of June, the top 20 global firms by market capitalization included Apple and Microsoft Corp.

In contrast, Alphabet Inc.’s market cap decreased 2.3% last month to $1.53 trillion as a result of increased competition from Microsoft’s Bing, which has gained popularity with the incorporation of the ChatGPT artificial intelligence.

(Adapted from MoneyControl.com)

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