It took around 42 years for Apple Inc. to reach a valuation of $1 trillion. It took just two years more time to get to $2 trillion. Even more stunning: all of the company’s next $1 trillion came in the last 21 weeks, while the global economy has significantly impacted by coronavirus pandemic.
On Wednesday, Technology giant Apple has become the first American firm to hit a $2 trillion valuation when its shares mounted 1.4% to $468.65 in midday trading session, however, they later decreased and ended the day flat.
The new valuation marked another milestone for the iPhone maker, cementing its leading position as the most valuable public company in the world and punctuating how the COVID-19 pandemic has been a jackpot for the tech giants.
This valuation makes the Apple the eight-largest country in the world if equated in terms of Gross Domestic Product(GDP), more than the likes of Spain (USD1.394 trillion), South Korea (USD1.642 trillion), Russia (USD1.700 trillion), Canada (USD1.736 trillion), Brazil (USD1.840 trillion), Italy ( USD 2.001 trillion), and more.
The world’s largest oil firm Saudi Aramco was the first company to touch a market valuation of $2 trillion in December the previous year. However, the global financial turmoil caused by COVID-19 pandemic and a subsequent decrease in oil prices eroded its market valuation.
Apple, thus, is currently the world’s richest company in terms of stock market value, followed by e-commerce giant Amazon Inc. Microsoft Corporation, and Google Inc.
The fresh rally in the company’s stocks despite the economic slowdown caused due to pandemic has highlighted the growing investor confidence in Apple. However, the company fate regarding its valuation will also depend on what innovations Apple is planning to offer to the world in the forthcoming time
Source credit – India Today