Apple Becomes First US Company Valued at $3 Trillion

The tech industry’s anaemic surge has led Apple to become the first American company to reach $3 trillion in market value. This feat was achieved on Monday.

In the late afternoon, Apple’s stock price reached a record $182.88 a share before slipping back slightly.

The tech giant also was the first US company to hit $2 trillion in August 2020, during the Covid-19 pandemic that stoked demand for personal electronics and digital services, such as Apple’s streaming and smartphone app store.

And it likewise was the first American firm to overtake $1 trillion in August 2018.

The surge marks the latest accomplishment for Tim Cook, who became chief executive of the Cupertino, California giant in 2011 shortly before the death of the company’s visionary co-founder, Steve Jobs.

While the top tier of US stock markets is dominated by Silicon Valley companies, Microsoft is the only other American company worth more than $2 trillion.

In October, Apple reported a net income of $20.5 billion on revenue of $83.4 billion, a record high for the quarter ending in September.

But as with many other tech giants, Apple has seen pressures in recent months due to supply chain problems, including a global shortage of semiconductors and Covid-related manufacturing disruptions in Southeast Asia..

Apple shares tumbled following that October earnings report, but rallied thereafter, winning nearly 20 per cent in the final two months of 2021.

At 1930 GMT, Apple shares were up 2.4 percent to $181.91.