Apple Becomes First US Company to Be Valued at 2TN on Stock Market

Apple has become the first US company to be valued at $2 trillion on the stock market.

The tech giant reached the milestone just two years after becoming the world’s first trillion-dollar company in 2018.

Apple’s share price hit $467.77 in mid-morning trading on August 19 to push it over the $2tn mark.

The only other company to reach the $2tn level was state-backed Saudi Aramco after it listed its shares in December 2019.

However, the oil giant’s value has slipped back to $1.8tn since then and Apple surpassed it to become the world’s most valuable traded company at the end of July.

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Apple’s shares have leapt more than 50% in 2020, despite the coronavirus crisis forcing it to shut retail stores and political pressure over its links China.

In fact, the iPhone maker’s share price has doubled since its low point in March, when panic about the coronavirus pandemic swept the markets.

Tech companies, which have been viewed as winners despite lockdowns, have seen their stock surge in recent weeks, even though the US is in recession.

Apple posted strong Q3 figures towards the end of July, including $59.7 billion of revenue and double-digit growth in its products and services segments.

The next most valuable US company is Amazon which is worth around $1.7tn.