Apple Is First U.S. Company to Hit $2 Trillion Market Capitalization

Marco Green
September 29, 2020

The milestone took place Wednesday morning as Apple shares climbed about 1 percent.

Apple has become the first American company to be valued at $2 trillion (£1.52 trillion), after a share rise on Wednesday pushed it over the two trillion dollar mark. Analysts believe that the valuation - though symbolic in nature - does show Apple has done really well even in the face of a global pandemic.

Counting companies outside of the United States, Saudi Aramco went public a year ago and briefly traded at a stock market value over $2 trillion, the first time a public company hit the mark worldwide.

Interestingly, it took Apple nearly exactly two year's time to double its market value. In comparison, the company reached $2 trillion in value in only two more years. It also tracks the valuations of the likes of Amazon, Alphabet Inc, Facebook, and more.

Including Amazon, Microsoft and Google's owner Alphabet - all now worth around $1 trillion or more - the big U.S. tech companies are together worth more than $6 trillion.

Apple's shares have been rallying since it reported third-quarter fiscal 2020 earnings on July 30, wherein it reported revenues of $59.7 billion despite feeling the heat of the coronavirus pandemic.

Apple's share as of Thursday are back down to $462.83, giving it a market valuation of $1.98 trillion.

The iPad and Mac saw the biggest growth among all of Apple's product categories during the quarter-which the company attributed to demand from remote work and education-while the iPhone business also saw modest growth, driven by demand for the second-generation iPhone SE.

Apple's stock has climbed almost 58 percent this year. In just around a month, Apple shed about $100 from its previous all-time high stock price of $324.95 in early 2020. Notably, the race to $1 trillion had primarily been confined to tech giants. While Microsoft and Amazon are valued at $1.65 trillion and $1.5 trillion, Google's parent Alphabet is also valued at almost $1 trillion.

Apple has been trying to reduce reliance on China for several years already, and the company has accelerated plans in this regard in the last couple of years due to the trade war between the country and the United States.

Other reports by Click Lancashire

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