Apple has become the first publicly traded U.S. company to reach a $2 trillion market cap. The company has doubled its valuation in just over two years.
Apple reached the milestone just before 11 a.m. ET when share prices rose to $467.77. As the day moved on, share prices fell below the $2 trillion mark and closed as $462.83, giving it a market cap of about $1.98 trillion.
Apple isn’t the first in the world to hit the $2 trillion market cap. Saudi Arabia’s gas and oil giant Saudi Aramco was the first company in the world to hit the $2 trillion mark in December 2019. Later its valuation dropped. Apple surpassed Saudi Aramco to become the world’s most valuable company on August 4th, 2020.
Despite the COVID-19 Pandemic, Apple has generated strong revenues. Macs and iPads have both seen a surge in sales due to work-from-home and school-from-home demand.
