Apple leads global tech recovery with its market valuation in reach of $3tn

While Apple rose above $3tn in early 2022, it failed to close above that level, and the peak marked the start of a downtrend that resulted in a 27% drop that year

Apple and other technology behemoths have been market standouts this year, as investors have gravitated to companies with the biggest scale while staring down risks from a potential recession. Picture: Kirsty O'Connor/PA

Apple's rally in 2023 has brought it back to the brink of a $3tn (€2.7tn) market valuation.

The stock has soared 35% this year, adding nearly $690bn in market value, as investors have flocked to the iPhone maker’s steady revenue and massive cash flows. The advance has put Apple within striking distance of its January 2022 record.