Apple has become the first trillion dollar company today after its stock price soared on the back of excellent financial results.
The iPhone maker's market value reached the figure in late morning trading in NY as its shares rose to a new record high above $207.
Still, the iPhone maker's stock is still up 2.3% on Thursday, and up 31% over the past year.
To put that into perspective, Boeing's market capitalization is about $204B. The tech giant had relatively flat iPhone sales but increased its revenue thanks largely to higher-priced models including the iPhone X, with a list price of just under $1,000.
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Facebook's decline significantly outpaced the $91 billion that Intel lost in September of 2000, during the original dot-com bust. For numerous world's richest people, most especially Africa's billionaires, losing $16.8 billion in a day would be a wipeout.
Other tech giants have been approaching $1 trillion in market cap, but still lag behind Apple. Some market observers consider United States tech stocks to be overvalued, but few think we're in a bubble.
Shares of the world's most valuable public company briefly climbed above $207.04, making it worth $1 trillion overall. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares.
The share price jumped by more than 8 percent this week after Apple reported impressive quarterly earnings on Tuesday, driven largely by strong sales for high-price iPhones.
"Apple's $1 trillion cap is equal to about 5 percent of the total gross domestic product of the United States in 2018", said David Kass, professor of finance at the University of Maryland.