The iPhone maker’s stock hit the $2 trillion mark before dipping back slightly below that lofty level. Shares finished the day flat Wednesday. This year, the stock has surged almost 60% and is at an all time high.
Apple is about to become more affordable for average investors to purchase, too. It is currently trading at nearly $465 a share.
Apple is briefly worth more than $2 trillion, making it the first company in the United States to reach that milestone.
At the end of the month, the company’s stock will split in four-for-one, which will cut the price of a single share to about $116. The value of the Apple remains the same since the company will simply have more shares trading at lower price.
After passing the $1 trillion level, within two years it reached $2 trillion mark. It just took five months for the stock to more than double after sinking in March.
Apple, like any other tech stocks, has roared back to life in that time, even as the company fell into recession.
Tesla, has recently announced a stock split, a move that could attract more millennial and Gen Z investors.
Apple and other top techs for that matter are also holding up much better than many other companies during the global recession that has been brought about by the Covid-19 pandemic.
There is also growing excitement about the impending launch of the iPhone 12, which is expected to have 5G connectivity. Even, the investors are in love with Apple due to surging sales for subscription services like Apple Music, iCloud, Apple TV+ and Apple Arcade.
Apple’s success has also vaulted CEO Tim Cook into the ranks of billionaires, one of the few CEOs to reach that level without having started the company he leads.
The Amazon and Microsoft, the two US tech giants, are moving closer to the $2 trillion mark. Both are valued at about $1.6 trillion. Google over alphabet is also worth more than $1 trillion.
In December, Saudi Aramco topped that mark, but plunging oil prices have hurt the company’s stock. Apple passed Saudi Aramco earlier this month after reporting strong earnings.
The market has brushed aside concerns that lawmakers have about the clout of Apple and other large tech giants, as well as worries about how some of President Trump’s immigration policies will hurt Apple and other major tech companies.