Here’s to the next $1trillion and all the ideas it brings

Apple has made history as the first public company to hit $1trillion in market value. Given the momentous occasion, it was only a matter of time before the naysayers came out in full force to ask all the pessimistic questions raised by this success story. Is Apple too big? Are their products worth the price tag? Have apps taken control of our lives?

On the first question, the answer is simply no. The tech industry, thanks to its disruptive and innovative nature, remains very competitive. Apple may have hit $1trillion first, but Alphabet and Microsoft aren’t too far behind, with estimated values of roughly $845billion and $815billion respectively.

And while Apple’s memorable advertising and aesthetics may have convinced people its products dominate the market, its worldwide market shares of appliances such as computers and smartphones actually trail its competitors. In 2017 it had only 15.2 per cent of mobile phones, whereas Samsung had 21.9 per cent. So we don’t need to concern ourselves with whether Apple gadgets are “worth” their price tag. Clearly, many customers think they’re worth it, while many do not. Good for everyone.

What about the role Apple products play in our daily lives? I’ll admit to being baffled by our disturbing dependence on our devices. The average person spends a full day online every week. This shouldn’t take us by huge surprise, as working life has become dominated by the internet. But for young people aged 16-24, the average is 34.3 hours every week – and most of them don’t have the excuse of a desk job just yet.

Still, this is not the fault of Apple or any other tech giant. The onus is on us to moderate and control our own unhealthy habits. If we do decide that our screen obsession has gone too far, that’s good reason to believe the tech sector will respond as other lifestyle industries have responded to the rise of “clean living”: by creating and adapting products that allow for a better lifestyle.

Indeed, the tech industry is increasingly working with the health sector. Firms such as Hello Fresh and Fitbit use apps, the sharing economy and technological advancements to help people intertwine healthy habits into their digital lifestyle. Apple, too, has already announced features to help you better monitor the amount of time you spend on each app.

Meanwhile, not enough attention is given to how all this extra time spent online has made our lives better. Whether you’re heading to your office or to Oslo, travel has become much more pleasant: music streaming, online check-ins, interactive maps. Communication has become unbelievably cheaper and easier, as Brazilians send Whatsapp messages to family members in Hong Kong; mobile banking is transforming African economies. Look at life before and after easy access to the internet. Can you honestly say it hasn’t improved?

The tech sector is one of strongest pieces of evidence we have that the economic “pie” we all share is not fixed, but can grow or shrink. Tech is generating mass wealth from jobs and products whose existence could not have been fathomed a decade ago. Apple’s success is good news for us all. Here’s to the next trillion dollars, and whatever incredible innovations it brings.

Kate Andrews is news editor at the Institute of Economic Affairs at telegraph.co.uk/opinion To order prints or signed copies of any Telegraph cartoon, go to telegraph.co.uk/prints-cartoons or call 0191 603 0178 readerprints@telegraph.co.uk