Apple becomes first U.S. company to hit $2 trillion in value
The tech company has gained significant worth since the beginning of the coronavirus pandemic
For 21 weeks, Apple's value has been skyrocketing. As the global economy shrank in record numbers, the tech giant added $1 trillion to its valuation.
On Wednesday, Apple became the first U.S. company to hit the $2 trillion valuation milestone when its shares gained 1.2% during morning trading. It is now the world's most valuable publicly traded company and a reminder that, despite a bleak economic outlook for some industries, the tech market is booming.
It took Apple more than four-decades to hit its initial trillion dollar valuation in August 2018 and just two years to double that. Even as the sleek Apple retail stores shuttered in March and April along with the rest of the world, the company posted $11.25 billion in profits in April and June – a 12% increase from that time last year.
"We do not have a zero-sum approach to prosperity. We are focused on growing the pie, making sure our success isn't just our success and that everything we make, build or do is geared toward creating opportunities for others," said Apple CEO Tim Cook in a recent earnings call.