Technology giant Apple on Thursday became the first private sector company in history to be worth $1 trillion (Rs 68 lakh crore) after its share price reached an all-time high, climbing above $207 (Rs 14,202), Fox Business reported.
Apple hit the $1 trillion mark when its shares reached $207.04 around midday in NY.
The feat has of course been a race because the stock market's top 10 is now dominated by tech companies, with Amazon topping $900 billion in market cap and Google and Microsoft worth more than $800 billion.
Adjusting for four stock splits over the years, Apple debuted on the stock market for the equivalent of 39 cents a share on December 12, 1980, compared to Thursday's high of $207.05.
The tech company, launched from a garage in 1976, has been on a steady climb through the years, revolutionizing personal computers and phones with its Macs and iPhones. The company's various services such as Apple Music, iCloud and Apple Pay now represent $9.6 billion in revenue.
Consider the plight of Exxon Mobil, which was the most valuable US company five years ago.
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Apple's stock has been buoyant ever since it released its fiscal Q3 earnings, which were mostly positive for the company. If the company continues to buy back its shares, the $207.05 price will rise.
Apple was famously led for years by its visionary co-founder Steve Jobs.
U.S. tech companies have cemented their position in the broader market, now making up the top five most valuable enterprises based on share prices. In fact, while the company's iPhone earnings for the quarter grew 20% year-over-year because of higher smartphone ASPs, Apple's services revenue grew 31% year-over-year as the company has been expanding its offerings for some time now.
The Silicon Valley firm's stock has surged more than 50,000% since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000% increase during the same nearly four decades.
Cook had not previously publicly commented on the company's $1 trillion valuation. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest US company by market value. More than $600 billion of Apple's current market value has been created in that time.