The tech giant just got a little bit bigger.
Today, for the very first time in US market history, a publicly traded company has hit the market cap of $2 trillion. Rather fittingly, the company in question is one of the most prolific tech companies in the world, Apple.
Counting 4.275 billion market shares, with a valuation of $467.77 per, Apple has become the first company in the US with a market value of $2 trillion, successfully doubling its valuation over the last two years. Apple is currently the most valuable publicly traded company in the world, surpassing the former title holder, Saudi Aramco, just last month. Apple’s share valuation has risen 120% in the last year alone, seeing constant rise despite the COVID-19 pandemic’s negative effects on numerous other companies. Analysts have speculated that tech stocks have been mostly immune to the pandemic crash due to the increase in people working from home, necessitating newer computers and software.
While there are no other companies currently within striking distance of Apple’s newfound throne, the other major tech companies, including Microsoft, Amazon, and Alphabet, have all gone well-past $1 trillion valuation, which means competition could become much more fierce in the future. For now, though, Apple is sitting comfortably for the third quarter, having raked in $59.7 billion in revenue and double-digit growth in services and products. Despite the closure of numerous Apple store locations around the world at the height of the pandemic, Apple’s online storefronts more than made up the difference.