Apple is first US company to be valued at $2 trillion

Customers stand in line to purchase the new Apple iPhone 8 at Dubai Mall Apple Store in Dubai, on September 23, 2017. (AFP)

Apple is the first US company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion.

Apple shares have gained nearly 60 percent this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.

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The company’s hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home. Apple recently reported blowout earnings for the April-June quarter.

An upcoming four-for-one stock split that will make Apple’s shares more affordable to more investors also sparked a rally after it was announced three weeks ago.

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Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people’s lives — and the stock market. Just five companies — Apple, Microsoft, Amazon, Facebook, and Google’s parent company — account for nearly 23 percent of the S&P 500’s entire value.

Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019. The Saudi energy producer’s shares have fallen since amid a drop in oil prices and its market value is now about $1.82 trillion.

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Last Update: Wednesday, 19 August 2020 KSA 18:43 - GMT 15:43
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