The iPhone maker reached the record level before dropping slightly later in the day. Though the value high was short-lived, it was another sign of investor confidence in the tech firm.
Demand for iPhones, MacBooks and services such as Apple TV and Apple Music remains highImage: STRF/STAR MAX/picture alliance
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Apple Inc on Monday became the first company in the world to hit $3 trillion (€2.66 trillion) in market capitalization.
On the first day of trading for the year, the tech firm's shares rose to $182.88 in mid-day trading, also a new record, though it did go on to drop slightly as the day wore on.
Apple hit $2 trillion in August 2020, amid a pandemic that has sparked demand for electronics.
The world's most valuable business operation is the first to reach the $3 trillion milestone as investors continue to show faith that consumers remain enchanted with iPhones, MacBooks and services such as Apple TV and Apple Music.
Apple becomes first to reach $3 trillion market capitalization
Shares in the iPhone maker have been on a tear over the past two years as consumers grab its devices to keep in touch during the coronavirus pandemic. Apple's tech peers Microsoft, Alphabet and Amazon are not far behind.
Image: APPLE INC/REUTERS
Trailblazer
Less than 18 months after becoming the first US company to breach the $2 trillion market cap, Apple has scaled yet another summit; the company has become the first to touch a market valuation of $3 trillion. Apple shares have soared during the pandemic as consumers buy its devices to stay connected and as investors bet on its new offerings such as electric cars and virtual reality headsets.
Image: picture-alliance/AP Photo/K. Kataoka
On the heels
Apple's American tech peers Microsoft, Google parent Alphabet and Amazon, which too have seen their shares climb during the pandemic, are not far behind. Microsoft is worth about $2.5 trillion, Alphabet is valued at around $2 trillion and Amazon has a market cap of nearly $1.75 trillion.
Image: Getty Images/J. Moon
New billionaire on the block
Apple's surge has catapulted Tim Cook, the company's CEO, into the billionaires' club. The $3 trillion valuation will be a moment of vindication for Cook, who took charge in 2011 when the company was valued around $350 billion amid doubts whether he could take forward his predecessor's zeal for innovation. Cook has pledged to give most of his wealth away to charity.
Image: picture-alliance/T. Avelar
Birth of garage startup legend
Apple was founded by Steve Jobs and his high school classmate Steve Wozniak in 1976 in Jobs' family garage. It was the first successful personal computer firm. Apple went public four years later in the biggest public offering since Ford Motor's debut in 1956. By the end of 1980, the computer maker was more valuable than the iconic carmaker at nearly $2 billion.
Image: picture-alliance/dpa/Apple
Back from the brink
Apple's next breakthrough came in the form of Macintosh, a computer with a graphical user interface. But the initial tepid response to the Mac, panned for insufficient memory and for being toylike, led to the ouster of Jobs in 1985. Jobs returned in 1997 to rescue the company from the brink of bankruptcy. Apple never looked back thanks to a succession of hit products like the iPod and the iPhone.
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The iPhone moment
Apple's most groundbreaking product remains the iPhone, the first phone to pack a music player, a web browser, and email capabilities in a single device. The iPhone, which started a smartphone revolution in 2007 and pushed competitors like Motorola and Blackberry on the brink, still is Apple's money-spinner and is at the core of the company's plans to grow its services business.
Image: picture alliance/AP Images/P. Sakuma
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Soaring shares
Apple has been listed on the stock exchange since 1980.
With Steve Jobs at the helm from 1997 until he died in 2011, Apple went from strength to strength, and that upward trajectory has continued under the stewardship of Tim Cook.
Over the past five years, shareholders have seen their investment increase more than sixfold.
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Meanwhile, the market as a whole was set to extend a recovery from the shock of the COVID pandemic, led by Tesla Inc, followed by Apple and graphics chipmaker Nvidia.
On Sunday, Electric carmaker Tesla said it sold 936,000 vehicles globally in the last year, up 87% from its 2020 figures.
