Shares of Apple rose as much as 3 percent on Monday – enough to cross the $ 3 trillion market capitalization mark.
Shares of Apple Inc rose as much as 3 percent on Monday to trade at $ 182.88 – enough to give the iPhone maker the coveted crown of becoming the first publicly traded company on the planet to surpass the $ 3 trillion market capitalization mark.
To put this in perspective, Apple’s value now exceeds the nominal gross domestic product (GDP) of six of the world’s top 10 economies, including the United Kingdom, India, France, Italy, Canada and South Korea.
Apple’s rise has been relentless over the past year. In August 2018, it became the first US firm to exceed $ 1 trillion in market value. It blew past the $ 2 trillion mark only two years later in August 2020. And thanks to the turbo-charged pandemic of technology stocks, it took about 17 months for Apple to reach the $ 3 trillion mark.
Since January 2007, when the late Apple co-founder and CEO Steve Jobs unveiled the first iPhone, shares of the Silicon Valley giant have risen 5,800 percent.
The $ 3 trillion milestone is largely symbolic and indeed, other technological heavyweights outperformed Apple last year. Microsoft and Tesla shares will each gain about 50 percent in 2021. Alphabet shares rose 65 percent and chipmaker Nvidia 125 percent. In contrast, Apple shares rose 34 percent in 2021.
But Apple’s mere size means it has a huge impact on stock markets. It makes up about 7 percent of the S&P 500 index.