by Harry Wilmerding
Apple soared to $3 trillion in market value as of Monday, making the tech giant the first U.S. company to break the threshold, multiple sources reported.
Apple shares topped $182.86 Monday, bringing the company’s market value to $3 trillion, CNBC reported. The share price has almost tripled since the market bottomed in March 2020, adding almost $2 trillion in market cap.
Monday’s milestone highlighted a 38% jump for Apple’s share price since early 2021. This is among the largest increase in the Dow Jones Industrial Average, The Wall Street Journal reported.
Apple was already set to become the first $3 trillion company by mid-December 2021 when the company’s market cap reached $2.94 trillion, the Daily Caller News Foundation previously reported.
Apple first reached values of $1 trillion in August 2018 and $2 trillion in Aug 2020, the DCNF reported.
The company benefited in late 2021 from surging demand for its iPhone 13 and subscription services like Apple Music, Apple TV+ and iCloud, the DCNF reported.
Sales surged almost 30% to over $83 billion in the fourth quarter of 2021, according to the company’s earnings report.
Microsoft has a market cap of roughly $2.5 trillion while Google’s sits around $2 trillion, CNN reported. Amazon is valued at $1.7 trillion, while Tesla is worth roughly $1.2 trillion.
Apple did not immediately respond to the DCNF’s request for comment.
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