Global leading phone maker, Apple has crossed the $2 trillion mark in market valuation the first company in the world to achieve this feat. Apple was also the first company to cross the $1 trillion market capitalization mark.
Apple became the first company to cross $2 trillion after riding on a wave of positive market sentiments that has trailed the United States since the Trump Administration pumped in trillions in stimulus in response to the Covid-19 pandemic that shut down the economy of the richest country in the world.
The United States S&P index which Apple belongs to has hit an all-time high this week clawing back all the losses incurred in the Covid-19 pandemic. Apple’s surge is significant particularly as it demonstrates how much demand has flowed into tech stocks in recent months from not just the US but all over the world.
Other major tech stocks like Microsoft, Amazon, Alphabet (Google’s parent company), Tesla, and Facebook have also risen by double digits since the Covid-19 pandemic.
Apple has also attracted significant demand following an impressive quarter as iPhone sales exceeded expectations posting record revenues.
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What this means: By crossing $2 trillion, Apple continues to lead the world in market valuation and returns. It also demonstrates the confidence investors have in the ability of Apple to continue to sell more iPhones, MacBooks, and accessories. The valuation might fall below $2 trillion however now that it has crossed this ceiling it is only likely to surpass it in the coming weeks and months.