Apple needs an 8.6% rally to hit $1T milestone

new york — Apple’s road to $1 trillion in market value is just 16 bucks away. That’s how much each share of the iPhone maker needs to rise for Apple to reach a round-number market capitalisation of $1 trillion.

Apple has risen for 6 consecutive sessions to reach $187.47 at 11.26am in New York, bringing its market cap to about $920.8 billion. To push that level to $1 trillion, each share outstanding — there are about 4.9 billion of them — needs to trade at $203.48, about 8.6 per cent higher than where they are now.

Apple can reach the milestone before the end of this week if last week’s momentum persists. The stock rallied 8.7 per cent from Wednesday to Friday as Apple’s sales in the latest quarter topped estimates and Warren Buffett said he bought an additional 75 million shares.

Apple is up 10.4 per cent this year, compared with a 0.2 per cent gain in the S&P 500.

Even if the rally to $1 trillion takes longer than a few days, Apple will still be the first US company to mark the event once it does. The biggest US peers are far behind: Amazon.com is $222 billion away from $1 trillion, while Google’s parent Alphabet is short $264 billion in market cap.

Apple hit the $500 billion mark on February 29, 2012. Its run to becoming a $1 trillion company has taken more than 6 years. — Bloomberg