(Bloomberg) — Apple Inc. shares closed at a record high on Wednesday amid a broad rally in technology stocks spurred on by bets that the Federal Reserve will soon begin cutting interest rates as inflation slows.

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The iPhone maker’s shares climbed 1.7% to $197.96, surpassing its previous closing record set in July. The gain leaves the stock up 52% for the year, for a market capitalization of about $3.08 trillion, cementing Apple’s position as the world’s most valuable company.

Apple has rallied with other technology stocks over the past month as US Treasury yields have dropped amid signs that inflation is cooling and the economy remains resilient. That view was reinforced on Wednesday when central bankers held interest rates steady for a third meeting and forecast a series of cuts next year. The 10-year Treasury fell to the lowest since August during the session and is close to sliding below 4%.

The recent surge for Apple is a big reversal from October when the stock closed at the lowest in about five months amid concerns about revenue growth and sales in China.

Apple has seen revenue fall every quarter in fiscal 2023 relative to the same period the year before. Last month, it forecast that sales in the holiday quarter will be about the same as last year, disappointing some investors.

Wall Street projects that the company’s revenue growth will re-accelerate in 2024 as demand for smartphones, laptops and computers rebounds, according to the average of analyst estimates compiled by Bloomberg.

—With assistance from Mark Tannenbaum.

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