Tech giant Apple has become the first US public company to reach $3 trillion in market value roughly 500 days after it hit $2 trillion level in August 2020. It was also the first publicly traded US company to hit a $1 trillion market cap during intraday trading on 2 August 2018.
Apple hit a market capitalization of $3 trillion briefly during intraday trading on Monday when its share price hit $182.86 It however closed at $182.01, just missing closing the trading day at the $3 trillion mark at $2.99 trillion.
According to Reuters, Apple reached the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.
Latest results indicated that Apple showed annual growth in its fourth-quarter earnings, with revenue up 29% year-over-year. Its services business grew 25.6% year-over-year and delivered more than $18 billion in revenue during the quarter.
Other stocks following at the heels of Apple are Microsoft currently valued at about $2.51 trillion; Amazon at $1.73 trillion ; and Alphabet (Google) at 1.92 trillion.
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