Apple becomes first U.S. company to reach $3 trillion market cap (2024)

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Apple becomes first U.S. company to reach $3 trillion market cap? ›

The iPhone maker's shares closed at $193.97/share on June 30, up 2.3% on the day and pushing its market cap to about $3.05 trillion. That's more than the gross domestic product of most countries. It's the first time a company has held above the $3 trillion mark at the close of regular trading.

SAN FRANCISCO (AP) — Apple became the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits.

The stock topped the $3 trillion level for the first time since Aug. 3, according to Dow Jones Market Data. Apple hit that mark for the first time on June 30. The stock needed to close at $192.89 to reach the $3 trillion milestone.

1. Apple (AAPL) Apple designs and makes a variety of consumer tech products and has one of the best known brands in the world. Apple generated more than $200 billion in iPhone sales during its fiscal 2023 and total sales reached $383 billion.

1. Apple. US tech giant Apple first surpassed the trillion-dollar mark in August 2018, the first US company to do so. Its valuation did fall back below $1 trillion in 2019, but quickly recovered and has been trading above the milestone valuation again since the end of 2019.

July 3 (Reuters) - Apple Inc (AAPL. O) , opens new tab became the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets coupled with expectations of a more moderate approach to interest rate hikes by the Federal Reserve.

Microsoft crosses $3 trillion market cap mark for 1st time in its history.

Apple's market cap is high because its stock price is high. And with approximately 15.5 billion shares outstanding, a high Apple share price equates to a massive market cap.

Back at the end of 2021, investors valued Tesla at $1.06 trillion. At that time, the company ranked No. 5 in terms of the most valuable companies in the S&P 500. Now, though, all eyes are on whether Tesla can maintain growth amid heating up competition around the world.

"We believe Apple will be the first $4 trillion market cap by the end of 2024 given the pace of growth and monetization we estimate for Cupertino over the next year," Wedbush strategists said.

Who is 1st trillionaire? ›

No individual has claimed the status of trillionaire just yet. But a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency isn't unattainable, but it will be a couple of years yet. Only 18 countries have a GDP that exceeds that amount.

Steve Jobs, Steve Wozniak, and Ronald Wayne founded the company in a garage when they produced their first personal computers in 1976, but ever since, it's been topsy-turvy. However, since Tim Cook took over from Steve Jobs as Chief Executive in 2011, its shares have quadrupled, making it a trillion-dollar company.

It took 42 years for the company to reach $1 trillion in 2018, then another two years to reach $2 trillion in 2020. Getting to the $3 trillion mark took nearly three more years.

Topline. Nvidia became the third American company in history to score a $2 trillion valuation, riding its post-earnings euphoria to the remarkable feat as investors fawn over the artificial intelligence chip designer's growth story.

Based on data provided by Statista, Apple and Microsoft were the two biggest companies in the world in 2021, holding a market cap of 2.9 and 2.5 trillion respectively. It should come as no surprise then that we estimate these two companies are likely to be the first to reach the 5 trillion mark: and well before 2100.

U.S. Steel was capitalized at $1.4 billion and became the first billion-dollar corporation in American history. Schwab was named president (but resigned in 1903 to join Bethlehem Steel), and Gary was made chairman of the board (a post that he held until his death in 1927).

Apple first surpassed $2 trillion in market capitalization in August 2020, as consumers flocked to its devices amidst the COVID pandemic. The Cupertino-based company even briefly reached a market capitalization of $3 trillion on Jan. 3, 2022, almost exactly a year ago. Yet Apple shares have fallen sharply since then.

For more than a decade, Apple was the stock market's undisputed king. It first overtook Exxon Mobil as the world's most valuable public company in 2011 and held the title almost without interruption. But a transfer of power has begun.