Apple is the first U.S. company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion.

Apple shares have gained nearly 60 percent this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.

The company's hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home. Apple recently reported blowout earnings for the April-June quarter,

An upcoming four-for-one stock split that will make Apple's shares more affordable to more investors also sparked a rally after it was announced three weeks ago.

Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people's lives — and the stock market. Just five companies — Apple, Microsoft, Amazon, Facebook, and Google's parent company — account for nearly 23 percent of the S&P 500's entire value.

Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019. The Saudi energy producer's shares have fallen since amid a drop in oil prices and its market value is now about $1.82 trillion.

Share:
More In Business
Apple posts stronger-than-expected Q2 results
Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Trump’s tariffs on its business. Apple’s earnings for the first three months of the year topped Wall Street’s expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect on the fiscal second quarter’s results. Cook added that for the current quarter, assuming things don’t change, Apple expects to see $900 million added to its costs as a result of the tariffs.
Load More