Apple becomes US' first $2T company
Shares have gained 59% this year
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.
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'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.
The split, which the company said will make the stock “more accessible to a broader base of investors,” will impact shareholders of record on Aug. 24, giving them three additional shares for every one owned. Split adjusted trading will begin on Aug. 31.
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.
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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.