Apple has become the world's first $3 trillion company.
Apple becomes first company valued at $3tn
The tech giant - which was founded by the late Steve Jobs back in 1976 - reached the $2tn milestone during the COVID-19 lockdowns in 2020 and hit $3tn as consumers around the world continue to snap up iPhones, iMacs and iPads.
Jake Dollarhide, chief executive officer of Longbow Asset Management said in a statement: "It's a fantastic accomplishment and certainly worthy to be celebrated. It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors' eyes."
The historic moment occurred when shares of Apple Inc rose as much as 3 percent on Monday (03.01.2022) to trade at $182.88, which brought the total to $3, the equivalent of £2.2tn.
However, the company only briefly hit the $3tn mark as shares were priced at $182.88 midday before the stock later pulled back, closing 2.5 per cent higher at $182.01, but the achievement is considered a record
The monumental shift over the capitalisation mark now means that the tech giant now Apple’s value now surpasses the nominal gross domestic products (GDPs) of six of the world’s top 10 economies including the United Kingdom, India, France, Italy, Canada and South Korea.
Other companies edging closer to the $3tn mark include the likes of rival software company now thought to be worth about $2.5 trillion and Google owner Alphabet's market value is estimated to be around $2tn, a figure Apple reached in 2020 after hitting the $1tn just two years earlier.