Apple’s shares rose to $468.65, which is equivalent to a market capitalization of $2.004 trillion. This happened just two years after hitting the P1 trillion mark. Reuters reported that the iPhone maker’s “stock was last up 1.2% at $467.62, giving Apple a market capitalization of $1.999 trillion.”
According to the Reuters’ report, the confidence may have emerged from Apple’s efforts on diversification offering more than just hardware but also services such as games, music, and video.
The COVID-19 pandemic didn’t stop Apple’s revenue to grow across “every category” in the June quarter. Apple fans still patronize the brand by buying iPhones, iPads, and Macs online even if the US economy — like other economies — is suffering because of the lockdowns.
CEO Tim Cook has steered the company to profitability after taking over from Apple founder Steve Jobs in 2011.
Two other technology giants join Apple as “the most valuable publicly traded US. companies, each at about $1.6 trillion. They are followed by Google-owner Alphabet, at just over $1 trillion.”
Reuters reported that these companies’ revenue surged during the pandemic as technology becomes an essential tool during the pandemic. Many companies have accelerated their digital transformation that led to the need for these tech companies’ products and services.
As industries shift their businesses to digital sooner than expected, Reuters said, these companies will “emerge from the pandemic stronger than smaller competitors.”