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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Apple becomes first $3 trillion firm amid tech stock rise

Photo: Apple Photo: Apple
Photo: Apple Photo: Apple

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Apple Inc. (AAPL.O) became the first business to exceed a $3 trillion market valuation in hopes of expanding into new markets and a more mild Federal Reserve interest rate hike.

The iPhone maker’s rise stood out in a month when investors focused on artificial intelligence, robust balance sheets, and cash flows.

Apple’s recent quarterly report and stock buybacks bolstered its reputation as a safe investment during global economic instability.

Tesla Inc. (TSLA.O)’s market cap rose 28% in June. Tesla’s increase was fueled by rivals Ford Motor Co (F.N) and General Motors Co (GM.N) signing partnerships to utilize Tesla’s charging network, which may make Tesla chargers the industry standard.

Elsewhere Last month, Nvidia Corp (NVDA.O) joined the $1 trillion valuation club as its market cap rose 11.8%, with investors betting on its ability to profit from an artificial intelligence boom.

The company’s shares skyrocketed after a May revenue prediction that was over 50% higher than Wall Street’s.

Apple and Microsoft Corp (MSFT.O) lead the top 20 global firms by market value at the end of June.

After Microsoft’s Bing integrated ChatGPT’s artificial intelligence, Alphabet Inc.’s (GOOGL.O) market cap fell 2.3% to $1.53 trillion last month.


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