Cupertino’s Apple reaches $2 trillion in market cap as tech fortunes feather

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Cupertino’s Apple reaches $2 trillion in market cap as tech fortunes feather

Apple Inc., the Cupertino, CA-based iPhone manufacturer, has become the first US company to break through a market cap of $2 trillion as technologies appeared to have reshaped the pandemic-era global economy while smartphones and digital services have been mimicking the pen and inks instrumenting people’s lives.

Notably, United States’ largest taxpayer Apple Inc. had doubled up its market valuation to breach a $2-trillion level in less than two years after becoming the first US company with a market cap of $1 trillion back in the 2018s, while the California-based iPhone maker had surpassed the $2 trillion landmark in Wednesday’s morning session when it had overtaken $467.77 a share.

Nonetheless, Apple Inc. shares had shrugged off some of its earlier gains at a late-session sell-off and closed the day at $462.83 per share, however, the late-afternoon profit taking could not backtrack the outstanding achievement Apple Inc.

had clutched earlier on the day.

Apple Inc. & major tech tycoons soar as pandemic forces millions to work from home

In factuality, latest ground-breaking milestone for Apple Inc.

comes over the heels of a global pandemic outbreak which had faltered the US economy deeper into a recession territory and had resulted its unemployment rate to surge to the worst levels since the Great Financial Depression nearly a century ago.

However, the pandemic crisis seemed to have made the tech stocks more lucrative in a new-normal pandemic-era while Apple Inc. and other tech tycoons likes of Google, Amazon, Microsoft, Facebook and Netflix had been thriving through the pandemic-propelled headwind, as millions of people across the globe have been working, shopping and attending classes in online.

Apart from that, latest gains in Apple Inc. stocks, which had surged over 58 per cent this year alone, had largely been prompted by a delicate buoyancy over a four-for-one stock split which the iPhone manufacturer had announced last month aimed at making its shares more affordable.