For the first time in US history, a company has reached more than $1 trillion on a public stock market. Apple Inc’s (NASDAQ:AAPL) stock skyrocketed nearly 6% on the market yesterday and today continued its upward trajectory—and just like that, Apple reaches a new market cap high of $1 trillion.
Apple Reaches a New Market Cap High
Apple started in 1976 out of the garage of co-founder Steve Jobs. Along the way, the company has completely revolutionized how consumers connect with one another, how music is listened to, and how other businesses conduct daily commerce.
Apple’s stock market value now accounts for four percent of the S&P 500. The company’s value is greater than the combined capital of Proctor & Gamble, AT&T, and Exxon Mobil.
Jobs was one of three founders of Apple and was driven out of the company in the mid-1980s due to personal reasons. Jobs returned a decade later and rescued the company from near bankruptcy.
iPhone Revamped Apple
Jobs launched the first iPhone back in 2007, changing the “computer only” company to something much more. This propelled the tech company to match the cell phone industry.
After the iPhone was introduced, the company started making its famous iPods and iPads, both of which brought in serious revenue for the company and put it on the tech map.
Since its initial public offering back in 1980, Apple’s stock price has risen nearly 40,000%. Apple’s new $1 trillion mark means that the tech company has a greater value than the GDP of Switzerland, Sweden, Argentina, and the Netherlands.
Other companies have come close to the mark, but no public US company has hit this historic mark. Amazon, Microsoft, and Google’s parent company, Alphabet, have all come close but Apple ruled out in the end.
Many Wall Street analysts believe the company’s stock will go higher too. At press time, AAPL stock is trading at $207.62, up $6.12 (+3.06%).
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