Apple became the first technology company and only the second business in any sector to reach the milestone of a $1 trillion market valuation.
The high in the company’s market capitalisation was cemented by the end of trading in the US yesterday (2 August) as its share price closed on $207.39.
As its share price increased throughout yesterday and the milestone neared, the company was hailed in media outlets across the world. Analysts pointed to regular innovation in smartphone technology, software, design and computing since its IPO in 1980.
Its price per share is up 20 per cent since the start of 2018 alone.
Many news websites stated it was the first company to reach the lofty valuation. However, Bloomberg noted it was actually the second to reach the milestone, 11 years after China-based oil and gas company PetroChina briefly held the title.
PetroChina’s valuation plummeted shortly after hitting the $1T mark in 2007, with the company worth $260 billion by the end of 2008. As of 3 August 2018 it is worth around $200 billion.