# Apple makes history as first $3 trillion company amid tech stock surge Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-07-03 Category: Uncategorized Category URL: https://financedigest.com/category/uncategorized Meta Title: Apple makes history as first $3 trillion company amid tech Meta Description: Apple Inc became the first $3 trillion company, buoyed by new market expansion and a more moderate approach to interest rate hikes, leading tech stock surge. URL: https://financedigest.com/apple-makes-history-as-first-3-trillion-company-amid-tech-stock-surgehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-07-03t085543z1lynxmpej6209grtroptp4apple-france-antitrust-1736813810930-compressed.jpg) # Apple makes history as first $3 trillion company amid tech stock surge (Reuters) – Apple Inc became the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets coupled with expectations of a more moderate approach to interest rate hikes by the Federal Reserve. The iPhone maker’s advance was among the most eye catching in a month marked by investor interest in the potential of artificial intelligence, with share buyers also particularly favouring companies with strong balance sheets and cash flows. Apple’s most recent quarterly report in May showing its revenue and profits beat analysts’ expectations, and its track record of stock buybacks, reinforced its reputation as a safe investment during global economic uncertainty. In a similar vein, electric car maker Tesla Inc [witnessed a 28% jump in its market](https://www.financedigest.com/the-vitamins-supplements-market-to-witness-innovation-based-sartorial-grandeur.html "The Vitamins Supplements Market To Witness Innovation-Based Sartorial Grandeur") capitalization in June. Tesla’s [surge](https://www.financedigest.com/jlr-parent-tata-motors-surges-nearly-20-on-tpg-fundraise-ev-plans.html "JLR parent Tata Motors surges nearly 20% on TPG fundraise, EV plans") was fuelled by deals struck by rivals Ford Motor Co and General Motors Co to gain access to Tesla’s charging network, which could potentially establish Tesla’s chargers as the industry standard. Elsewhere Nvidia Corp joined the $1 trillion valuation club last month, as its market cap climbed 11.8%, with investors betting on its potential to become a major beneficiary of a boom in [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence"). The company’s [shares have soared following a revenue forecast](https://www.financedigest.com/netflix-quarterly-revenue-misses-forecasts-shares-slide.html "Netflix quarterly revenue misses forecasts, shares slide") that was more than 50% above the Wall Street estimate in May. Apple and Microsoft Corp led the list of top 20 [global companies by market](https://www.financedigest.com/surgical-blades-market-global-leading-companies-analysis-revenue-trends-and-forecasts-2027.html "Surgical Blades Market Global Leading Companies Analysis, Revenue, Trends and Forecasts 2027") capitalization at the end of June. By contrast, Alphabet Inc’s [market cap dropped 2.3% last month](https://www.financedigest.com/naturgys-profit-rises-on-lng-gains-soothing-shareholders-by-pietro-lombardi-madrid-reuters-spanish-power-utility-naturgy-reported-on-monday-an-88-jump-in-profit-for-the-first-six-months-of.html "Naturgy’s profit rises on LNG gains, soothing shareholders By Pietro Lombardi MADRID (Reuters) – Spanish power utility Naturgy reported on Monday an 88% jump in profit for the first six months of the year, boosted by strong earnings at its liquefied natural gas (LNG) business, which could help it to win over restive investors. Earlier this month, the company said it would increase its dividend floor through 2025 while trimming expected investment, as it sought to make rewarding shareholders a priority. Pleasing them has become a focus as Naturgy considers changes that could reshape the company and after arguments over the potential appointment of a chief executive. Naturgy’s first-half net profit jumped to 1.05 billion euros (.16 billion), boosted by its liquefied natural gas (LNG) business. Shares were down 0.2% in mid-morning trading, bucking deeper declines, in particular for Spain’s blue-chip banks and utilities after a general election on Sunday produced no clear winner. Renta 4 Banco analyst Angel Perez Llamazares said Naturgy performed better than expected, adding “cash flows also beat our expectation,” and debt fell more than expected. After natural gas prices hit record levels last year, Naturgy said a fall in procurement costs this year and hedging gains had boosed profits. In the first half of the year, the company “exceeded the objectives of operating efficiency, cash generation, investment materialisation and debt reduction,” Executive Chairman and CEO Francisco Reynes said. After rival Iberdrola named a separate CEO last year, Naturgy is the only large energy company in Spain to combine the roles of executive chairman and CEO. Earlier this month, the company raised the dividend floor to 1.40 euros a share, from 1.20 euros. Operating profit (earnings before interest, tax, depreciation and amortisation) is expected to reach 5.1 billion euros, compared with a previous guidance of 4.8 billion euros. It said it was targeting net profit of 1.8 billion euros in 2025. Naturgy also relaunched its plan to split regulated infrastructure operations and liberalised energy businesses into two listed companies. The project had been suspended after the Ukraine war disrupted energy markets and analysts are still sceptical. “We believe it is unlikely that Naturgy will be able to implement its asset split in the short term and it is also unlikely that a big change in the shareholding of the company would occur,” said RBC analyst Fernando Garcia. ( = 0.8986 euros) (Reporting by Pietro Lombardi, editing by Inti Landauro and Barbara Lewis)") to $1.53 trillion, on rising competitive pressures from Microsoft’s Bing which has grown in prominence after the integration of the artificial intelligence behind ChatGPT. (This story has been refiled to fix a typographical error in paragraph 1) (Reporting by Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by David Holmes) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---