Apple has become the first U.S. company to boast a $2 trillion market value.
Technology continues to reshape a world where smartphones are like appendages. And, digital services are like instruments that orchestrate the lives of individuals.
The iPhone manufacturer hit the $2 trillion milestones in early stock-market trade on Wednesday when their shares surpassed $467.77.
The Stock Later Backtracked
The stock later backtracked to close at $462.83. But, a remarkable achievement that came just two years after Apple became the first U.S. company with a market value of $1 trillion did not diminish.
It comes in the midst of a catastrophic pandemic that has plunged the economy into a severe recession. It caused unemployment rates to climb to the highest levels since the Great Depression nearly a hundred years ago.
But Apple and other well-established tech giants. For instance, Microsoft, Google, Amazon, Facebook, and Netflix.
They have thrived during the upheaval as the pandemic has forced millions of people to work, attend classes, shop, and entertain themselves at home.
That, in turn, has made the technology even more crucial, a factor that has caused investors to snap up the stocks of the industry’s biggest players, as well as relative newcomers. For instance, video conferencing service Zoom. It has seen its shares quadruple so far this year.
Apple’s stock has climbed by nearly 58% this year. In recent weeks, the rally has been bolstered by excitement over a four-for-one stock split that Apple announced late last month in an effort to make its shares more affordable to a wider swath of investors.
The company will face another litmus test in October. In addition, it is expected to unveil a line-up of new iPhones, including a model capable of connection on the next generation of ultrafast wireless networks known as 5G.
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