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
Climate Change May Force More Farmers and Ranchers to Consider Irrigation -- at a Steep Cost
Irrigation might have saved Jackson's hay, but she and her husband rejected the idea about 10 years ago over the cost: as much as $75,000 for a new well and all the equipment. But now — with an extended drought and another U.S. heat wave this week that will broil her land about an hour northwest of Dallas for days in 100-degree-plus temperatures — Jackson said she is “kind of rethinking.”
How Technology is Getting Banking Ready for the Future
From moving finances online to the new ways we'll be getting cash, Ray Hatch, the Vice President of Enterprise Solutions Vertical Markets at Comcast Business explains how the banking industry is getting ready for the future.
Load More