Apple Inc. became the first U.S. company with a $2 trillion market capitalization as its share price climbed above $467.77.
The tech giant joins Saudi Aramco as the only companies to reach a $2 trillion market value.Apple’s market capitalization has soared by 59%, or $695 billion this year. Shares have gained 22% since July 30, when the company reported blockbuster second-quarter earnings and announced a 4-for-1 stock split.
Armaco, Saudi Arabia’s state-owned oil company, briefly topped the level just days after its December 2019 initial public offering.
The company currently is currently worth $1.82 trillion. Apple reached the $2 trillion milestone just over two years after becoming the first U.S. company to achieve a $1 trillion market cap on Aug. 2, 2018.
Since then, Alphabet, Amazon and Microsoft have all joined the $1 trillion club. Both Amazon and Microsoft currently have market capitalizations of about $1.6 trillion while Alphabet’s is near $1.05 trillion.Apple was not the first company in the world to reach a $1 trillion valuation. That honor belongs to state-owned Chinese oil giant PetroChina, which briefly eclipsed the level in 2017. (Fox News)