Apple Crosses $2 Trillion, Becomes Most Valued US Company In The World

While people, businesses and nations are struggling with the impact of COVID-19, Apple announced that it has reached a valuation of $2 trillion.

Reuters

Apple¡¯s stock on Wednesday crossed $467.77 -- which was the threshold it needed to cross for the $2 trillion valuation according to CNBC. On Tuesday, it closed at $462.25.

Apple¡¯s stock price skyrocketing like this isn¡¯t surprising, considering even with COVID-19 pandemic shutting Apple¡¯s physical stores, it reported amazing business in its third-quarter earnings -- $59.7 billion in revenue with an 11 percent increase from a year ago.

The shares in the company have spiked since the quarterly results in July where Apple blew past Saudi Aramco in becoming the world¡¯s most valuable listed company, up around 57 percent in value so far in 2020.

Tim Cook¡¯s Apple vision

This result is a reflection of Apple¡¯s transition from selling record-breaking iPhones, iPads to offering services like Apple Pay, Apple News, Apple TV+ and of course, Apple Music. This is also the result of a massive shift by big institutional investors during the pandemic.

This feat by Tim Cook is a befitting answer to many critics who doubted Cook¡¯s potential when he stepped up to become the CEO in the year 2011. He wasn¡¯t a visionary like Steve Jobs, but despite this, Cook designed products and services that people fell in love with -- whether it was the clever marketing of Apple Watch or AirPods that changed the way wireless headphones were perceived. Today, the wearables home and accessories segment of Apple generates $6.4 billion in revenue -- a segment that didn¡¯t even exist around five years ago.

Reuters

He did all this while Apple is pushing to become a 100 percent carbon neutral company, with its supply chain by the year 2030. Recently, Cook also passed the $1 billion mark, making his way into the billionaires club.

iPhone 12 could be a game-changer

Daniel Ives, an analyst for Wedbush Securities in a conversation with Business Insider claims that the upcoming iPhones could be an even massive game changer and with them supporting 5G connectivity, many are expected to upgrade -- 350 million to be precise, calling it a once-in-a-decade opportunity for Apple.

While Apple did announce that it could delay the shipping of the devices until October due to the COVID-19 pandemic, it is pushing harder to make ends meet. A recent report also hinted that iPhone 12 will now be made in India for exporting and combatting shortage experienced around the world.