Wall Street has gained its first ever American company valued at a whopping $2 trillion, in the form of iPhone maker Apple
Apple has become the first American company to be valued at $2 trillion (£1.52 trillion), after a share rise on Wednesday pushed it over the two trillion dollar mark.
The development is remarkable, because it was the same month two years ago when Apple became the first publicly listed US company worth $1 trillion (£770bn).
But Apple has been witnessing a surge in its share price in 2020.
Indeed since March this year, Apple’s share price has risen by more than 50 percent, despite store closures, a delay to the release of the iPhone 12, and the impact of the Coronavirus pandemic.
Earlier this month, Apple achieved a record market capitalisation of $1.817 trillion (£1.3tn), which also helped CEO Tim Cook join the exclusive billionaire club.
But now on Wednesday Apple’s share price rose further still to a high point of $468.65, to push it over the $2tn mark.
Apple has been helped by its very strong quarterly results in July that saw it make a whopping $11.2 billion in profit.
These results shrugged off the doom and gloom cast by the Coronavirus pandemic and the issue of world economies sliding into recession because of global lockdowns.
It is worth noting that Apple is not the only company to achieve a $2 trillion valuation.
The only other company to reach the $2tn level was state-backed Saudi Aramco when it listed its shares last December. That said, its market valuation have now slipped back down to $1.8 trillion.
Apple’s share as of Thursday are back down to $462.83, giving it a market valuation of $1.98 trillion.
The market valuation represents an impressive milestone for the company, which introduced the iPhone to the world back in 2007.
The iPhone became the first smartphone to truly catch on with the general public, and has helped Apple’s revenue surpass the economic outputs of Portugal, New Zealand, Peru, and other countries.
And it is unlikely that Apple’s competitors will match this achievement in the coming months.
Microsoft and Amazon for example are each currently valued at about $1.6 trillion, whereas Alphabet is valued at just over $1 trillion.