- Apple is the first U.S. company to have reached a valuation of $2 trillion, capping a staggering climb that began in the pandemic.
Apple is the first U.S. company to have reached a valuation of $2 trillion, capping a staggering climb that began in the pandemic.
It took Apple 42 years to get to a peak of $1 trillion. Getting to $2 trillion it took just two more years.
Perhaps more stunning: All of Apple’s second $1 trillion came in the past 21 weeks, while in the coronavirus pandemic the global economy was declining faster than ever.
Apple became the first U.S. company to hit a $2 trillion valuation on Wednesday when its shares climbed 1.2 percent into morning trading at $467.78. It was another milestone for the iPhone, Mac, and Apple Watches maker, cementing its title as the most valuable public company in the world and punctuating how the pandemic has been a bonanza for the tech giants.
Apple’s value was below $1 trillion as recently as mid-March after the stock market plummeted over coronavirus concerns. The Federal Reserve on March 23, the nadir of this year’s stock market, unveiled drastic new steps to appease investors.
Since then, the stock market – and particularly Apple, Microsoft, Amazon, Alphabet, and Facebook stocks – has largely soared, with the S&P 500 hit a new high on Tuesday.
Investors have pumped billions of dollars into tech behemoths, hoping that their sheer size and strength will act as shelters from the recession triggered by the pandemic. Together, since March 23, the value of these five companies has swelled by nearly $ 3 trillion, almost the same growth as the next 50 most valuable companies combined by the S&P 500, including Berkshire Hathaway, Walmart, and Disney, according to market analytics firm S&P Global. Apple’s worth alone increased by $6.8 billion a day, more than American Airlines value.
Wistron, the Taiwanese manufacturer of Apple, has begun hiring processes for local iPhone 12 part production in India. The Made in India iPhone 12 will be out by mid-night next year, a Business Standard report reported. Wistron expected to spend more than 2,900 crores in India to step up efforts to manufacture the iPhone locally.