July 3 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 maker39;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.

Apple39;s most recent quarterly report in May showing its revenue and profits beat analysts39; 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 capitalization in June.

Tesla39;s surge was fuelled by deals struck by rivals Ford Motor Co and General Motors Co to gain access to Tesla39;s charging network, which could potentially establish Tesla39;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.

The company39;s shares have soared following a revenue forecast 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 capitalization at the end of…