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Apple is officially worth more than $1 trillion

Apple is officially worth more than $1 trillion

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.

The iPhone-maker's shares struck an all-time high of $207.05 during trading in NY, pushing its market capitalisation past the landmark trillion-dollar level to $1.02 trillion.

Since the death of legendary Apple co-founder and pitchman Steve Jobs in 2011, analysts have watched for the company to wow the world with the next "big thing" that will shake up culture and fuel revenue like the Macintosh, the iPod or the iPhone.

To put $1 trillion into perspective, that would be enough to spend $1 million per day for thousands of years. "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 sold 43.1m iPhones in the June quarter, as customers flocked to its more expensive models like the iPhone X.

Behind Apple are Amazon, Google parent Alphabet, Microsoft and Facebook. In a call with investors, CEO Tim Cook also touted growth in other areas such as smart home products, wearables, and services like the App Store and Apple Pay. For those who like visuals, in numerals that is 1,000,000,000,000. Apple is the first United States company to reach that lofty level.

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"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote.

Whether or not Apple can retain this market cap - or close to it - in the long run remains to be seen.

Apple, which has seen its stock surge more than 50,000% since its stock market listing in 1980, has struggled to produce a product that replicates the success of the iPhone.

Today's chart shows this milestone - as well as numerous ones before it - through a period of over 200 years of USA market history. Shares of Apple this week traded at about 15 times expected earnings, compared with Amazon at 82 times earnings and Microsoft at 25 times earnings.

The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago. That's not only fair; it's a more sustainable approach, too, and perhaps even admirably old-fashioned. It is now worth about $200 billion, according to Thomson Reuters data.

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