Apple becomes first U.S. public firm to reach $2 trillion value

The iPhone maker is the first U.S. public firm to reach that value

CUPERTINO >> Apple, a tech titan with a reputation for cutting-edge and user-friendly innovation, on Wednesday became the first U.S. company to power to a market value of $2 trillion — although a late slump in the stock markets left it just below the milestone.

The iPhone maker climbed to the jaw-dropping summit of $2 trillion in market valuation in intraday trades almost exactly two years after it achieved a market cap of $1 trillion on Aug. 4, 2018. It was also the first U.S. public company to reach $1 trillion in market value.

“It’s a stunning achievement for Apple,” said Tim Bajarin, principal analyst with Cambellbased Creative Strategies, which tracks the tech sector.

Ultimately, Apple closed Wednesday at $1.98 trillion in market value.

Making the accomplishment even more dramatic, in Bajarin’s view, is that Apple has managed to steadily capture higher profits and sales, as well as propel its stock price and value to record heights, even under the two different tenures of top bosses Steve Jobs and Tim Cook.

“There’s no question that Steve Jobs had the vision for Apple,” Bajarin said. “But it is becoming clearer that Tim Cook was the one who accelerated the execution of the Steve Jobs vision and then amplified it since he took over.”

After Apple became a trillion-dollar company, Google owner Alphabet, e-commerce giant Amazon, and software behemoth Microsoft all charged past the $1 trillion market value milestone.

Cupertino-based Apple’s profits and sales — along with those of many other tech titans — have chugged higher despite the economic woes unleashed by the coronavirus.

“We’re working hard to get more iPads and