Apple is within touching distance of becoming the United States’ first company to hit a $2 trillion market valuation, just two years after the firm became the first $1 trillion company.
On Monday, Apple’s shares surged by as much as 5% to a high of $446.55, following on from last week’s earnings call, which helped Apple increase its value by as much as 10%.
Monday’s high put Apple’s market capitalization at $1.92 trillion, touching distance from $2T.
In order to hit the two trillion dollar mark, Apple would need to gain 4.75% more, and though it may not be possible in the weeks ahead with delays to the iPhone, it is still possible before the year is through, helping the Cupertino firm outpace Microsoft, Amazon, and Google.
Despite challenges from the coronavirus pandemic, which forced this year’s WWDC to go online and caused delays to the upcoming iPhone 12 range of iPhones, Apple has gained 48%.
That’s due to investors viewing large technology brands like Apple as safe bets, able to withstand the pandemic and upcoming global recession. After all, everyone needs a phone!
Thanks to Apple and Microsoft’s gains on Monday (August 3), NASDAQ reached an all-time high.
Apple announced that on August 24, it would enact a 4-for-1 split of its shares to appeal to more investors, a move that will long-term help Apple overtake its upcoming $2 trillion value.
Are you surprised to see Apple achieve such impressive growth in this period? Let us know your thoughts and check back for more news and rumors on everything Apple, every week.