At the start of 2018, it was predicted by some that Apple could very well be on their way to become the first company to be worth $1 trillion. However at the rate some of the competition was growing, there were some who believed that Amazon could beat Apple to the punch, but as it turns out that is no longer the case.
Four decades after Apple was co-founded by Steve Jobs, Apple is now the first US company to be worth a trillion dollars. Apple’s shares rose 2.9% and closed at $207.39 which gave the company a total market value of $1.002 trillion. As Bloomberg notes, Apple isn’t the first company to cross the trillion dollar mark as others such as PetroChina made it as well, although the company could not maintain it due to falling oil prices during the financial crisis.
Of course one has to wonder the same for Apple and whether or not they will be able to maintain their trillion dollar status, but for now it is a huge milestone for the company who at one point in time had to be rescued by Microsoft, who for the most part are viewed as one of Apple’s chief rivals in the tech industry.
That being said, the competition isn’t too far behind either as other major players in the tech industry are also reaching the trillion dollar market cap, such as Amazon, Alphabet, and Microsoft who are all worth $800 billion each.