Apple touches the milestone of becoming the first $3 trillion company amid the beliefs of investors that consumers will continue buying and liking its MacBooks, iPhones, Apple Music, Apple TV and other products. The journey from $2 trillion is achieved in less than two years.
With the increased demand for digital services and personal electronics during the COVID-19 pandemic in 2020, the iDevice giant passed the $2 trillion mark. It reached the $1 trillion mark in 2018.
The current net worth of Microsoft is about $2.5 trillion while that of Amazon, Tesla and Alphabet are more than $1 trillion. Apple is not the most valuable company in the world and the first to reach the mark of $3 trillion.
Longbow Asset Management CEO Jake Dollarhide said the achievement is a fantastic accomplishment of the company and it should be celebrated grandly as it shows the dominancy of Apple in the market.
Wells Fargo Investment Institute market strategist Scott Wren said the strong fundamentals of Apple are being rewarded and such companies prove strong businesses instead of speculation.
The cash-rich company has rapidly embraced changes and trends including virtual reality, artificial intelligence and of course 5G and such attitudes helped its stocks to become the favorite for investors. The latest iPhone is the second wave of 5G technology-enabled smartphones of the company.
Apple was founded in April 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne as Apple Computer Company. Between 1977 and 2007 it was named Apple Computer, Inc. Thereafter, the company was called just Apple Inc. It is headquartered in Cupertino, California, US.
It is the largest information technology company in the world with respect to revenue and the most valuable company in the world in terms of market capitalization. Considering the unit sales of its smartphones, it is the second-largest phone manufacturer in the world and the fourth-largest PC vendor. It is a constituent of the Big Five American IT companies. The other four are Microsoft, Meta, Amazon and Alphabet.
The key people currently handling the company include CEO Tim Cook, chairman Arthur D. Levinson, COO Jeff Williams and CFO Luca Maestri. Apple products include Macintosh or simply Mac computers, iPhones, iPad, wearables and home accessories.
Co-founder Steve Jobs (Steven Paul Jobs) left the company in 1985 amid a power struggle with the board members and founded the computer platform NeXT with the help of a few Apple employees who joined his new venture. He moved back to Apple in 1997 as CEO following the acquisition of NeXT. He is credited for reviving the company that was on the verge of bankruptcy. He was diagnosed with a pancreatic tumor in 2003 and died in on 5 October 2011 at age 56.