Apple Inc. Breaks $1 Trillion Market Valuation

Apple Inc. Breaks $1 Trillion Market Valuation

Apple has become the first American company to have the total value of its publicly traded stock reach $1 trillion.

Shares of Apple finished the formal Wall Street trading day at $207.39, topping the magic number two days after the California tech giant reported strong quarterly earnings. Starting from 2001, the company started to expand its family of products once again with the iPod music player that was followed by the Apple TV in 2006 (called iTV originally), the iPhone in 2007, the iPad in 2010, the Apple Watch in 2015, and the HomePod in 2017.

Earlier on Thursday afternoon the Nasdaq's website showed Apple's value passing $1 trillion. It also announced that it had used some of its huge pile of cash to buy back shares worth billions.

With a "market cap" of $884.01 billion, Amazon is Apple's closest rival; Google parent Alphabet trails Bezos' technology and retail giant with a market cap of $854.86 billion.

Cook's ambivalence to the $1 trillion mark mirrors what he told CNN's Laurie Segall in June.

Without China, the world's biggest smartphone market, Apple's success would look quite different.

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But no matter what your view of the company and its products, Apple devices have changed the world - and today made financial history as well.

The first company to hit $100 billion in market capitalization was only able to do so 23 years ago.

That said, the competition's continued success doesn't lessen the significance of today's milestone - a capstone to the company's meteoric rise to power over the last decade after a period of near-death in the '90s. "We believe that even without margin expansion in core retail, the other businesses can drive significant profit growth over the coming years and will make Amazon the first trillion-dollar company", he said in a recent note to clients.

It would appear that, in the stewardship of Apple, Cook is following in the footsteps of the late and much revered Jobs; a heartening tale of good cop/good cop, incorruptible by even unprecedented amounts of money. That company is now worth about $205 billion.

"The markets are starting to recognize the value of its platform and services more and more, and that's what is being reflected in the increase in market capitalization", said Brad Neuman, director of Market Strategy at Alger, a growth equity asset management firm in New York City.

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