BusinessWeek Had The Best Joke About Apple Becoming A Trillion Dollar Company

BusinessWeek Had The Best Joke About Apple Becoming A Trillion Dollar Company

Apple Inc. on Thursday became the first US company to surpass $1 trillion in market value, underscoring the iPhone maker's explosive growth and its role in the technology industry's ascent to the forefront of the global economy and markets.

Shares of Apple briefly hit $207.05 in late-morning trading, before retreating somewhat.

An intensifying trade dispute between the United States and China weighed on global stocks and bond yields on Thursday, but a rise in Apple shares took its valuation above a record $1 trillion and helped major U.S. indexes close in positive territory. Apple said it now has 4.83 billion shares outstanding.

Apple closed Thursday above the $1 trillion mark, finishing the day up 2.92 percent at a share price of $207.39.

Apple has argued in court that the designs of its products are as much its intellectual property as are the hardware and software that go into them.

July 2008: Apple launches the online App Store to sell applications for the iPhone and iPod Touch. That company is now worth about $205 billion.

It is a market development that has been in the pipeline for well over a year. Apple is the first United States company to reach that lofty level.

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Shares of the company rose 3% Thursday, and are up about 31% over the past year. There have been expectations in the past that the company's value would hit this level, but the path has been far from certain. If you bought $10,000 of Exxon at the same time you bought Apple, the Exxon shares would now be worth $1,133,839 - a very hefty gain but a fraction of the still-youthful Apple.

Apple has become the first publicly traded company to be worth $1 trillion.

The rise is even more astonishing - 50,000% - since the company first listed in 1980.

The stock was last up 2.6 percent at $206.72, a hair below $1 trillion.

The company ultimately turned it around by Q3, which saw a $30 million profit, and by Q4, had brought back co-founder Steve Jobs, who had resigned 12 years earlier.

"The markets are starting to recognize the value of its platform and services more and more, and that's what is being reflected in the increase in market capitalization", said Brad Neuman, Director of Market Strategy at Alger, a growth equity asset management firm in New York City.

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