Apple became the world’s first corporation to be valued at more than $3 trillion on Monday.
Apple’s value reached $1 trillion in August 2018 and passed $2 trillion in August 2020. Yet it only took the phone and computer giant 16 months to reach the $3 trillion plateau, the New York Post reported.
Apple is now worth more than many nations. If it were a country, it would be the world’s fifth largest economy, bigger than the UK but smaller Germany.
Its shares surged to $182.86 at midday trading on Monday as Apple’s worth soared to the record high.
Over the last year, Apple’s stock has shot up over 40 percent, far exceeding overall market increases, which went up 29 percent during the same period. In the last quarter alone, iPhone sales increased 47 percent over the previous quarter.
Since Apple CEO Tim Cook took over from Steve Jobs in 2011, Apple’s stock has shot up 1,400 percent, due to the company’s release of new products such as AirPods and entry into the streaming market with AppleTV+.
Now that Apple has become the founding member of the “$3 trillion club,” Microsoft is only one company left in the "$2 trillion club," with a market value of $2.56 trillion, according to estimates. Amazon, Tesla and Google parent company Alphabet Inc. are each worth over $1 trillion.
Despite Apple stock shooting up in value recently, experts believe it still has room to grow, with share projections of over $200 being talked about by analysts.