Apple’s stock has been performing exceptionally well this year, with a 34% increase in value. This has boosted the company’s market value by $670 billion. Apple is now on the verge of achieving two significant milestones: reaching a record valuation of $2.9 trillion and becoming the first company ever to be valued at $3 trillion by investors.

The rise in Apple’s stock is part of a larger rally in the technology sector, which has also lifted the overall performance of the S&P 500 index.

Other tech companies like Facebook and Nvidia have experienced similar gains. The expectation of the Federal Reserve scaling back its tightening policies and the excitement around artificial intelligence have contributed to the surge in tech stocks.

Apple remains the largest company in the world based on market capitalization, and it counts Warren Buffett’s Berkshire Hathaway as one of its major investors.