Apple Inc. became the first US company to surpass $1 trillion in market value, settling the score between the tech giant’s years-long race with Amazon to hit the mark.
Following the release of the iPhone XS and XS Max on Thursday, the company’s stock share price crosses the $207.05 mark in midday trading. This year alone, Apple’s stock has risen 23% on the whole.
However, Apple is not the only publicly shared company to reach the $1 trillion mark. Backin 2007, Beijing-based oil and gas company PetroChina enjoyed a short stink at the helms of becoming the world’s most profitable company. Now Apple enjoys that title, although economists predict the tech company may not sustain that position for too long given the fickle nature of the stock market.
The milestone underscores Apple’s explosive growth under CEO Tim Cook and further speaks to Apple Music’s rise to prominence in the online music streaming wars, specifically in their neck-and-neck race with the Swedish-owned Spotify.