Apple has become the first company in the world to reach $3 million in market value.
On Monday, Apple became the first company to reach a market capitalization of $3 trillion. When the iPhone maker’s stock momentarily touched $182.86, it broke through the barrier.
In just under four years, the Silicon Valley firm’s value has tripled. The biggest US tech corporations have reached new highs, bringing the US stock markets with them, thanks to a pandemic-era boom in tech equities. Apple Inc’s stock closed at $182.01 on Monday.
Apple took 38 years to make the first trillion dollars, while the second trillion was lined up in the next 24 months and the third trillion took merely 16 months, said Prateek Jain, co-founder and president of Winvesta.
The company’s unparalleled scale implies it has a significant impact on the entire equities market; it accounts for 7% of the S&P 500 Index. Apple is on the verge of eclipsing the whole Russell 2000 index, which is valued at $3.51 trillion.
In mid-2018, the stock surpassed a $1 trillion valuation, and in August 2020, it surpassed a $2 trillion valuation. Saudi Aramco was the first $2 trillion corporation in the world, and it was the first U.S. firm to do so.
In terms of cash, Apple is the richest corporation in the world. Cash reserves of the company are more than those of all Indian IT companies combined.
The market cap of Apple is greater than the GDP of 186 countries. It is only surpassed by the United States, China, Japan, and Germany. The total GDP of India is $2.62 trillion.
Berkshire Hathaway bought Apple stock in 2016 and now that the stock has seen unexpected growth, Warren Buffet’s investment in Apple is worth $160 billion.
In addition to its new iPhone 13 model and older products, Apple has seen huge growth in subscription services such as Apple Music, Apple TV+, iCloud and its popular App Store.
Microsoft ($2.51 trillion) is Apple’s closest competitor ($1.92 trillion), followed by Google’s parent company Alphabet Inc ($1.92 trillion), Saudi Aramco ($1.9 trillion) and Amazon ($1.73 trillion).
Meanwhile, Apple has announced that new iPhones, AirPods, and a possible VR headset would be released this year. There will also be a new line of professional Macs, as well as the most significant MacBook Air overhaul in the product’s history and a new iPad Pro with wireless charging.
In the autumn, Apple will also offer a 5G version of the iPhone SE and a new iPhone 14 series with a hole-punch-sized notch, as well as three new Apple Watches, including a new SE, a Series 8, and an extreme sports-focused model. Following similar reports in 2020 and 2021, Apple might announce a new VR headset this year.