Apple briefly hit the $1 trillion mark, becoming the first publicly traded company in the U.S.to reach 13 figures in terms of market value. At exactly 11:48a ET, on August 2, 2018, Apple stock crossed $207.05 per share.
Its stock - now testing the $1,800 mark - is up 50 per cent this year, but, as Macquarie analyst Ben Schachter's most recent new price target indicates, the company needs a $2,100 stock price to hit $1.02 trillion - that's a 76.6 per cent year-to-date increase requirement. The rise of Apple was brought forth by Steve Jobs' innovative products in the iPod, iPhone, and others, revolutionizing the way we view technology today.
Apple has successfully reached a market capitalization of $1 trillion following this week's earnings release. "Given our confidence in Apple's future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend", he added.
Apple has sold more than a billion iPhones since the first model was unveiled by Jobs in 2007.
Apple chief executive Tim Cook has remained firmly bullish, touting the company's product pipeline and championing good sales of the iPhone X, a recently unveiled model whose $1,000 price tag analysts anxious would be excessive.
The $1 trillion milestone is largely symbolic, though impressive.
Part of the argument against a company hitting a trillion dollars in market value - and staying there - is finance's so-called law of large numbers.
That said, the competition's continued success doesn't lessen the significance of today's milestone - a capstone to the company's meteoric rise to power over the last decade after a period of near-death in the '90s.
As bullish as Jackson is on Apple, he admitted China ー and consumers in other countries ー may stunt the company's growth because the iPhone faces competition from cheaper smartphones.
True, Apple's earnings growth rate is slowing down. That's not only fair; it's a more sustainable approach, too, and perhaps even admirably old-fashioned.
Apple isn't safely ahead of everyone else yet, Amazon is now valued at around 900 billion and is closing in on a trillion steadily as well. However, the share price quickly fell back, leaving the company worth just $962 billion at the time of writing.