Last week Apple Inc became the first company to reach a market capitalisation of $3 trillion. The intraday milestone was hit before ending the day marginally lower, as investors appear confident the maker of iPhones, MacBooks and AppleTV maker will maintain its record of best-selling products, and as it enters new markets like automated cars and virtual reality.
The milestone was reached on the first day of trading of the year for US markets, with the world’s most valuable company hitting $182.88 per share, before ending the session at $182.01, for a market capitalisation of $2.99 trillion.
Currently only a handful of companies hold trillion-dollar market caps globally, with Microsoft Corp, Alphabet, Amazon.com, Tesla, and Saudi Arabian Oil Co holding the elite status, with Meta coming close.
Apple's shares have climbed almost 6000% since Steve Jobs unveiled the first iPhone in 2007, far outpacing the S&P 500's gain of about 230% during the same period.
Since Tim Cook became chief executive following Jobs' death in 2011, Apple has sharply increased its revenue from services like video streaming and music, considerably reducing the companies reliance on the iPhone to just over half of the company’s total revenue.
Notably, the $3 trillion milestone has pushed Apple’s share price as a percentage of the Nasdaq 100 index's value to a key technical level. In recent prior times, the stock price has risen above such a level and then subsequently declined.