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Apple First U.S. Firm To Reach $2 Trillion Market Cap

apple aug20 lt

Apple Inc. has touched a $2 trillion market value, becoming the first U.S. company to reach the milestone. The tech giant is currently the most valuable company in the entire world even as the majority of the world is grappling with coronavirus - induced financial crisis.

Apple, along with many other technology companies, is being benefited by the pandemic as the majority of employees are forced to opt work from home, and schools worldwide are closed forcing students to continue their studies online.

In its midday trading on Wednesday, the iPhone maker gained as much as 1.4 percent to $468.65 and touched the mega valuation. The company, however, closed the day's trading at $462.83, with $1.98 trillion market cap.

Apple stock had more than doubled over the past five months, since March, when its market cap was $1 trillion. The boost in stock price reflected strong earnings results and expectations for its planned rollout of the first 5G-enabled iPhone this fall. In 2018, Apple became the first U.S. company to top $1 trillion.

In the U.S., Apple is followed by Amazon.com Inc. and Microsoft Corp. In December, Saudi Arabia's national oil company Saudi Aramco had touched a $2 trillion valuation for a short time. At present, the company has a market cap of around $1.8 trillion.

The milestone comes at a time as Apple is planning a four-for-one stock split on August 24, with a view to making the stock more accessible to a broader base of investors.

Apple, the developer of Macintosh computer, iMac, iPod, iPhone, and the iPad, had nearly gone bankrupt in 1997. The company reached the current successful position led by Steve Jobs, its late co-founder and CEO, and current CEO Tim Cook.

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