Apple becomes first company to reach a market capitalization of $3 trillion

On Monday, Apple became the first business in the world to reach the three-trillion-dollar mark. According to CNN, the iPhone maker has surpassed a market value of USD 3 trillion, making it the first publicly traded business to reach that level.

Apple's stock rose around 3% to a new all-time high of USD 182.88, surpassing the USD 182.85 per share required to value the company at USD 3 trillion. Later, the stock retreated from that level.

Apple's market capitalization first surpassed USD 1 trillion in August 2018 and then surpassed USD 2 trillion in August 2020.

In 2021, Apple's stock was up roughly 35%. According to CNN, Apple has profited from increased demand for its new iPhone 13 and other older models, as well as subscription services like Apple Music, Apple TV+, iCloud, and its renowned App Store.

Apple's autumn quarter, which concluded in September, saw sales jump nearly 30% to more over USD 83 billion. The corporation also has a massive cash pile of USD 191 billion.

Apple appears to be joined by other firms in the 3-trillion club - Microsoft (MSFT) is now worth over USD 2.5 trillion, while Alphabet, the parent company of Google, is valued at roughly USD 2 trillion.

Amazon (AMZN), with a market capitalization of USD 1.7 trillion, and Elon Musk's Tesla (TSLA), with a market capitalization of USD 1.2 trillion, are both still massive but lagging behind, according to CNN.