Apple becomes 1st trillion-dollar company

Kimberly White via Getty Images

Kimberly White via Getty Images

Apple, the world's most valuable publicly traded company, became first to reach the milestone $1 trillion market value. The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.

For as much as Apple shares have increased over the past few days, some analysts and tech observers are confident the stock could rise even higher in the weeks and months ahead.

One of five United States companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc. or Amazon.com Inc. if it does not find a major new product or service as demand for smartphones loses steam.

Apple is benefiting from investor euphoria surrounding the tech sector broadly as well - and it could soon have company in the trillion dollar club. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million.

Other companies have come close to the mark, but no public USA company has hit a $1 trillion valuation.

Benoit Tessier  Reuters
Benoit Tessier Reuters

PetroChina once had a $1 trillion valuation, but only briefly, and most of its shares were owned by the Chinese government.

Apple has benefitted from booming App store revenue and iPhone sales, particularly in China and Japan, CNN Money reported.

The iPhone-maker entered the rarefied air of a 13-digit market cap as its share price hit $207.05.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past 12 months. Apple's market capitalization - a common financial measure of worth which multiplies the number of shares by the share price - makes the company worth more than the economies of, for example, Saudi Arabia, Switzerland and Taiwan.

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