Apple becomes first US company to hit $2 trillion market cap
Apple became the first American company to reach a market cap of $2 trillion on Wednesday as its share price hit $467.
The Silicon Valley giant first reached a $1 trillion market cap in August 2018, meaning the company managed to double in valuation in just two years.
Apple’s meteoric growth is emblematic of tech’s market success more broadly.
Amazon, Microsoft and Alphabet all have market caps over $1 trillion.
During the coronavirus pandemic, which has bankrupted thousands of businesses and costed millions their jobs, tech companies have flourished.
These four tech companies along with Facebook constitute 20 percent of the S&P 500, and have carried its growth during a time when most other companies in the index have experienced losses.
Apple posted a particularly strong third quarter, raking in nearly $60 billion in revenue and posting huge growth in its products and services markets.
All of this is growth is despite the closures of many of its brick-and-mortar stores.