Investors were betting that Apple would continue to launch best-selling products and services, and that the company would continue to explore new markets such as electric vehicles.
Wedbush analyst Dan Ives said: "Hitting $3tn is another historical moment for Apple as the company continues to prove the doubters wrong. The linchpin to Apple's valuation re-rating remains its Services business which we believe is worth $1.5tn."
It is thought that this milestone was reached because investors betted that consumers would continue to spend a lot of money on Apple products such as Macbooks, iPhones, and their services such Apple Music and Apple TV.
“It’s a fantastic accomplishment and certainly worthy to be celebrated,” said Jake Dollarhide, CEO of Longbow Asset Management. “It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes.”
This is not the first time the company has broken a record, becoming the first company to achieve $1tn market value in August 2018.
“The market is rewarding companies that have strong fundamentals and balance sheets, and the companies that are hitting these sort of huge market caps have proven they are strong businesses and not speculation,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
“The icing on the cake, which may turn out to be the cake, is the potential for an EV car,” Rhys Williams, chief strategist at Spouting Rock Asset Management said. With Wall Street now betting heavily on electric cars, it is anticipated that Apple will follow Tesla’s lead and launch its own vehicle within the next couple of years.
Apple stock slipped back slightly to end yesterday's session up 2.5%, bringing a market capitalisation of $2.99tn.
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