Apple’s Market Cap Hits $1 Trillion

Anna Jefferson
August 2, 2018

To put that into perspective, Boeing's market capitalization is about $204B.

The company's stock was at $205.98, up 2.2 percent near 1555 GMT.

He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the cellphone industry, catching Microsoft, Intel, Samsung Electronics and Nokia off guard.

The iPhone maker was named as the only publicly listed United States company to be valued at $1,000,000,000,000 just before 5pm this afternoon.

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Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product (GDP) of all but 27 major countries, including Argentina, the Netherlands, Sweden and Switzerland, according to the CIA's world fact book. Apple is now up more than 20% this year. "A clean beat on the path to $1 trillion".

The tech giant's market cap briefly hit $1 trillion dollar milestone Thursday morning before dropping slightly again. Jim Cramer, for example, recently argued that Apple shares could start approaching $300.

Apple sold 41.3 million iPhones last quarter, and reported an average selling price of $724.

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The rise is even more astonishing - 50,000% - since the company first listed in 1980. Incidentally, the trigger price for Apple to reach a trillion-dollar valuation has been slowly creeping upwards as the company continues to aggressively buy back shares as part of its capital return program.

The race to a $1 trillion market cap - symbolic as it is - has been closely watched on Wall Street.

Hot on Apple's heels is, the second-largest listed U.S. company by market value, at around US$880 billion, closely followed by Google-owner Alphabet and by Microsoft.

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