Apple Becomes First Company to Achieve $ 3 Trillion Market Value | Technology news
Apple shares rose 3% on Monday, enough to surpass the $ 3 trillion market cap mark.
Apple Inc shares rose 3% on Monday to trade at $ 182.88 – enough to secure the coveted iPhone maker crown to become the first publicly traded company on the planet to cross the 3 mark. Trillion in market capitalization.
To put that into perspective, Apple’s value now exceeds the nominal gross domestic product (GDP) of six of the world’s 10 largest economies, including UK, India, France, Italy, Canada. and South Korea.
Apple’s rise to power has been relentless in recent years. In August 2018, it became the first American company to exceed $ 1,000 billion in market value. It broke the $ 2 trillion mark just two years later, in August 2020. And thanks to the pandemic supercharged appetite for tech stocks, it took Apple about 17 months to hit the 3 trillion mark. of dollars.
Since January 2007, when the late co-founder and CEO of Apple, Steve Jobs, unveiled the first iPhone, the Silicon Valley giant’s shares have gained 5800%.
The crown of $ 3 trillion in market capitalization is largely symbolic and, indeed, other tech heavyweights outperformed Apple last year. Microsoft and Tesla shares gained about 50% each in 2021. Alphabet shares soared 65% and chipmaker Nvidia by 125%. In contrast, Apple stock gained 34% in 2021.
But Apple’s sheer size means it has a disproportionate influence on the stock markets. It represents around 7% of the S&P 500 index.