Apple becomes first company to hit $1 trillion market cap

An electronic screen displays the Apple Inc. stock price at the Nasdaq Market Site in New York City New York on Aug. 2 2018

An electronic screen displays the Apple Inc. stock price at the Nasdaq Market Site in New York City New York on Aug. 2 2018

Apple first listed in 1980 and its stock has risen more than 50,000% since then.

More recently, Apple has been in a race to $1 trillion with Seattle-based e-commerce giant Amazon, which is now valued around $879 billion.

Apple on Thursday became the first private-sector company in history to be worth $1 trillion, after its share price reached an all-time high above $207.

Apple traces its origins to the garage of co-founder Steve Jobs in 1976 and was initially best known for its Mac personal computers before its smartphone paved the way for the app economy. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

That would put Apple's stock market value at $973 billion, based on its newly disclosed number of shares. It now accounts for 4 percent of the S&P 500.

"Apple's $1 trillion cap is equal to about 5 percent of the total gross domestic product of the United States in 2018", said David Kass, professor of finance at the University of Maryland.

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Other companies have come close to the mark, but no public United States company has hit a $1 trillion valuation.

The rise is even more astonishing - 50,000% - since the company first listed in 1980.

Apple Chief Executive Tim Cook has a trillion reasons to smile.

In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion.

Apple has won the race to a $1 trillion valuation ahead of its so-called FAANG rivals (Facebook, Amazon, Netflix, Google).

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