Apple hits market value of 2 trillion

Apple’s market value reached $2 trillion for a short while yesterday, for the first time ever.

CNN’s Paul R. La Monica reported:

Among its many accomplishments — the iPhone, the iPad, iTunes, the App store — Apple can now boast of one more: It was briefly worth more than $2 trillion, making it the first company in the United States to reach that milestone.

The iPhone maker’s stock hit the $2 trillion mark before dipping back slightly below that lofty level. Shares finished the day flat Wednesday. The stock has surged almost 60% this year and is at an all-time high. Apple (AAPL), currently trading at nearly $465 a share, is about to become more affordable for average investors to purchase, too.

The Wall Street Journal’s Amrith Ramkumar wrote:

The stock has more than doubled from its March 23 low, boosted by steady demand for the company’s devices and better-than-feared results in its core iPhone business as millions of Americans work from home.

Consumers’ increasing reliance on technology is driving growth for Apple and other large internet companies such as Amazon.com Inc. That has created a chasm between the tech industry and other sectors from energy to travel that have seen the coronavirus sap demand and fuel a wave of bankruptcies. The technology sector is one of the few industries expected to continue expanding in the years ahead, pushing investors large and small to pour money into the group.

James Vincent from The Verge noted:

Apple is not the first company in the world to hit the $2 trillion benchmark. Saudi Aramco, the gas and oil giant headquartered in Saudi Arabia, did so first. Aramco briefly hit the $2 trillion mark in December 2019 but has since dropped below that figure as its stock price wavers. Apple surpassed it as the world’s most valuable company on August 4th, 2020.

Today, shares in the company crossed the $467.77 mark that gives Apple the $2 trillion valuation, as reported by the Financial Times. But they may well dip below that in future.