Apple became the first U.S company with a $2 Trillion Market Capitalization on Wednesday (19th August 2020) as its share price climbed above U.S $467.77. The tech giant joins Saudi Aramco as the only companies to reach a $2 Trillion market value.
Saudi Arabia's state-owned oil company, Saudi Aramco, briefly crossed the $2 Trillion level a few days days after its Initial Public Offering (IPO) in December 2019. Currently, that company is worth U.S $1.82 Trillion.
Apple's Market Capitalization has soared by 59%, or U.S $695 Billion this year. Shares have gained 22% since 30th July 2020, when the company reported blockbuster second-quarter earnings and announced a 4-for-1 stock split.
Apple reached the $2 Trillion milestone just over two (2) years after becoming the first U.S company to achieve a $1 Trillion Market Capitalization on 2nd August 2018. Since then, Alphabet, Amazon and Microsoft have all joined the ultra-exclusive $1 Trillion club. Both Amazon and Microsoft currently have Market Capitalizations of about $1.6 Trillion while Alphabet is near $1.05 Trillion.
The first company in the world to reach a $1 Trillion valuation is state-owned Chinese oil giant PetroChina, which briefly eclipsed the level back in 2017.
Apple is expected to release its eagerly-awaited iPhone 12 models in early October 2020, several weeks later than its usual September release, due to COVID-19 related manufacturing delays. The Apple Watch Series 6 and other products may still be released in September 2020.
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