Apple has reached a $US2 trillion ($A2.8 trillion) market value, just two years after it became the first to reach $US1 trillion.
The tech giant’s shares were up 60 per cent in 2020, despite shutting down all shops and factories in China amid the coronavirus pandemic.
It recently reported blowout earnings for the April-June quarter and on Thursday morning (Australian time) become the first US public company to hit $2 trillion in market value.
Its shares, currently trading at nearly $470, are at an all-time high as customers continue to buy iPhones and other devices online while stuck at home.
Apple also noted a surge in sales for subscription services such as Apple Music, iCloud, Apple TV+ and Apple Arcade.
An upcoming four-for-one stock split that will make Apple’s shares worth about $117 sparked a rally after it was announced three weeks ago.
The lower share prices won’t change the value of the company as it will simply have more shares trading at a lower price.
Apple has been at the vanguard of a group of big tech companies that are increasingly taking over people’s lives – and the US stock market.
Just five companies – Apple, Microsoft, Amazon, Facebook and Google’s parent company – account for nearly 23 per cent of the S&P 500’s entire value.
Saudi Aramco reached a market value of $US2 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 $US1.82 trillion.
-with AAP
