Apple’s Market Cap Hits $1 Trillion

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Apple’s Market Cap Hits $1 Trillion

Apple has become the world's first public company to be worth $1 trillion. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce. That would value Apple at $1.3 trillion.

APPLE OFFICIALLY BECAME the world's first trillion-dollar company on Thursday.

And Apple faces strong competition from other technology companies.

Meanwhile, Amazon had the second-largest US market cap as of Wednesday, which was around $872.5 billion, according to Business Insider.

In 2006 the company had sales of less than $20bn and posted profits of nearly $2bn.

Apple is the first private sector company to reach this level. Once the noise has died down share price may see a slight drop and they may not remain at the trillion dollar mark.

Jeff Carbone, co-founder of Cornerstone Financial Partners in Charlotte, North Carolina, has included Apple in his clients' portfolios for about a decade.

Apple is in the unique situation of controlling the hardware and software in its mobile devices, with content for users required to go through its App Store that takes a percentage of revenue. "We're just waiting for tomorrow's payrolls", said Tom Simons, money market economist at Jefferies in NY.

Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple's rise. After Steve Jobs returned to Apple as the CEO in 1997, he axed most of the product lines to focus on PCs.

This explosive growth has led to a sizable increase in Apple's stock price, boosting the tech giant's market cap to an incredible $1 trillion. According to a quarterly report that Apple filed with the SEC on Wednesday, the company had 4,829,926,000 shares outstanding as of July 20, the most recent figure available.

"There was so much magic in Apple Computer in the early '80s that it is hard to believe that it may fade away". Since 1980, IBM, Exxon Mobil, General Electric and Microsoft have also alternated as the largest publicly listed USA company.

PetroChina once had a $1 trillion valuation, but only briefly, and most of its shares were owned by the Chinese government.

Last month, an ex-Appleengineer was charged with stealing trade secrets from a hush-hush self-driving auto technology project days before he quit to go to a Chinese start-up. Amazon's in second place, with a market cap of $884.86 billion, and good ol' Google (well, Alphabet, technically) is in third at $854.49 billion.

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