Apple Inc became the first $1 trillion publicly listed U.S. company on Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone. The device transformed Apple from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
The tech company’s stock jumped 2.8 percent to as high as $207.05, bringing its gain to about 9 percent since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares.
Apple’s stock market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble, and AT&T. It now accounts for 4 percent of the S&P 500.
Jeff Carbone, co-founder of Cornerstone Financial Partners in Charlotte, North Carolina, has included Apple in his clients’ portfolios for about a decade. Recently, some of his older clients have bought Apple shares for their grandchildren. “We still see upside from it, and as new money gets deposited we continue to buy, preferably on the dip,” Carbone said.
Meanwhile, Amazon had the second-largest U.S. market cap as of Wednesday, which was around $872.5 billion, according to Business Insider.
PetroChina, an oil and gas firm, hit $1 trillion for a short time on the Shanghai Stock Exchange back in 2007, CNET noted. It was the first to hit that figure.