Apple becomes the first company to hit market value of $3 trillion boosted by investors’ confidence that the iPhone maker is actively launching best-selling products as to explore new markets such as automated cars and virtual reality.

On the very first day of trading in 2022, the Silicon Valley-based company's shares hit a high record of $182.88, which holds the valuation just above $3 trillion. The stock ended the session up 2.5percent at $182.01, with Apple's market cap at $2.99 trillion.

Jake Dollarhide, chief executive officer, Longbow Asset Management, Tulsa, Oklahoma says, “it’s a fantastic accomplishment and certainly worthy to be celebrated. It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes.”

Apple shared the $2 trillion market value club with Microsoft Corp, which is now worth about $2.5 trillion. Alphabet, Amazon.com Inc. and Tesla have market value above $1 trillion.

Scott Wren, senior global market strategist, Wells Fargo Investment Institute says, “the market is rewarding companies that have strong fundamentals and balance sheets, and the companies that are hitting these sorts of huge market caps have proven they are strong businesses and not speculation.”

Apple's shares have scaled up around 5,800 percent as cofounder and former CEO Steve Jobs revealed the first iPhone in January 2007, far outstripping the S&P 500's gain of about 230 percent during the same period. Under Tim Cook, who in 2011 became chief executive following Jobs' death, Apple has sharply increased its revenue from services like video streaming and music. That helped Apple reduce its reliance on the iPhone to about 52percent of total revenue in fiscal 2021 from over 60 percent in 2018.

Acquiring technologies such as 5G, virtual reality and artificial intelligence have also increased the allure of Apple and other Big Tech companies.