Apple Becomes First Company to Cross $3 Trillion Valuation

Apple Inc. became the first corporation in the world to surpass a market value of $3 trillion, supported by forecasts that the Federal Reserve will raise interest rates more gradually and aspirations for its 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 utilize 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.