Apple Inc. on Thursday became the first US company to surpass $1 trillion in market value, underscoring the iPhone maker's explosive growth and its role in the technology industry's ascent to the forefront of the global economy and markets. - Apple is the biggest of big tech.
The BBC reported that ever since the iPhone went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past 12 months. But thanks to Tim Cook and Co's strong, Wall Street-beating results, the gap that Amazon has managed to shrink has widened - and, eventually, Amazon was beaten.
While the thirteen digits don't lie, BusinessWeek's 1996 assessment of Apple wasn't that far-fetched.
Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple's rise.
Of course that's just what happened.
And while the iPhone might be a gateway to Apple's offerings, things like Apple Music and the App Store, in turn, help drive brand loyalty. As we pointed out yesterday, the valuation itself doesn't mean much, but it goes to show just how drastic of a turnaround Apple was able to make just a couple of decades after being on the brink of going under. Indeed, some of the best stories about the history of Apple are when Jobs was presented with so-so products that didn't quite mimic the ones inside his head.
"The $1 trillion mark is more psychological, and sends a message of growth and size into the market", said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Most of the people reading this are probably on an Apple device right now or own at least one product they have offered. Yet when investors speculate about what might be the first $2 trillion American company, it's Amazon, another entrepreneurial tech company that began as a bit of imagination. It's on track to spend well over $10 billion this year.
Clientes pasan frente al logo de Apple en una tienda de la empresa en Nueva York, ago 1, 2018. The rally continued on Thursday, propelling shares to the magic number of $207.05.
But a traditional industrial business, The Saudi Arabian Oil Company known as Aramco, could surpass Apple if it carries out plans to offer its stock to the public.
A Forrester analyst said of the company, "Whether they stand alone or are acquired, Apple as we know it is cooked".
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