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Apple becomes the first US company to reach $3 trillion in market value

Apple set a new record on the first trading day of 2022 when it became the first US company to ever reach a market value of $3 trillion.

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Apple set a new record on the first trading day of 2022 when it became the first US company to ever reach a market value of $3 trillion. According to CNBC, Apple’s stock briefly hit a new high of $182.88 per share on Monday. At this price, the computer company, which was founded in a California garage in 1976, is worth more than $3 trillion. This achievement is all the more significant because, in 2018, Apple became the first American company to be valued at $1 trillion, and two years later, it surpassed $2 trillion. It only took another 16 months and 15 days to reach the next trillion.

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Apple now has a market capitalization greater than Walmart, Disney, Netflix, Nike, Exxon Mobil, Coca-Cola, Comcast, Morgan Stanley, McDonald’s, AT&T, Goldman Sachs, Boeing, IBM, and Ford combined. According to CNBC, its services business, which includes original shows, music, cloud storage, and fitness apps, is worth nearly half of the company, or $1.5 trillion. Apple’s $3 trillion valuation is another “historical moment,” according to Wedbush analyst Dan Ives, as the company continues to prove “doubters wrong.”

Apple’s net worth has surpassed the value of all cryptocurrencies in the world.

According to the New York Times, Apple is now worth more than all of the world’s cryptocurrencies combined. Its gross domestic product (GDP) is roughly equal to that of the United Kingdom or India. Apple’s $3 trillion market capitalization is the equivalent of about six JPMorgan Chases or 30 General Electrics.

The iPhone maker now accounts for nearly 7% of the S&P 500’s total value, breaking IBM’s previous high of 6.4 percent set in 1984. Analysts believe that Apple’s rise is due to its tight grip on consumers, as well as a favourable economy for its business and stock. The COVID-19 pandemic also drove up sales of other Apple devices, as people used them more to work, study, and socialise, and investors flocked to Apple’s stock as the global economy became increasingly uncertain.

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“We thought it would be a successful company that would last forever when we first started.” But you don’t really imagine it,” Steve Wozniak, the engineer who co-founded Apple with Steve Jobs in 1976, said. “At the time, the amount of memory that would hold one song cost $1 million,” Wozniak told the New York Times.

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