NEW YORK — Apple is the first U.S. company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion.
Apple shares have gained nearly 60% this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.
The companyβs hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home. Apple recently reported blowout earnings for the April-June quarter,
An upcoming four-for-one stock split that will make Appleβs shares more affordable to more investors also sparked a rally after it was announced three weeks ago.
Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over peopleβs lives β and the stock market. Just five companies β Apple, Microsoft, Amazon, Facebook and Googleβs parent company β account for nearly 23% of the S&P 500βs entire value.
Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019. The Saudi energy producerβs shares have fallen since amid a drop in oil prices and its market value is now about $1.82 trillion.
