Tesla gains, US$1 trillion Apple lift Nasdaq

Eileen GuzmanAug 03, 2018

The stock has been rising since Tuesday when it reported better than expected results for the three months to June.

Apple has just become the first company to be valued at $1 trillion, which is triumphant or depressing depending on how you look at it.

However, Cook has overseen the development of key new products, like the iPhone X and Apple Watch, new services like Apple Music, and research on potential new categories like self-driving cars and augmented-reality glasses. "We believe that even without margin expansion in core retail, the other businesses can drive significant profit growth over the coming years and will make Amazon the first trillion-dollar company", he said in a recent note to clients. "The question now is not [whether we] can we turn around Apple", he said in an early internal meeting.

Though there's been chatter of a tech meltdown as Facebook and Twitter shares plummeted after poor earnings showings and a possible time of reckoning, other tech giants like Apple, Amazon, Alphabet, and Microsoft have all posted strong earnings in the last quarter.

One of five US companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc GOOGL.O or Amazon.com Inc AMZN.O if it does not find a major new product or service as global demand for smartphones loses steam. "It's one of those things that does not mean anything by itself... it's more a testimony of the importance of Apple on the market".

The most interesting company in the list is Standard Oil, which was once worth $1 trillion in today's dollars, because this firm is held up as the example in all modern antitrust trials because it was broken up by the government in 1911.

The pace of growth in Apple's market cap really picked up steam in the late-2000s, which coincided with the launch of the first-generation iPhone.

To survive, Apple brought back its once-exiled co-founder, Steve Jobs, as interim CEO and turned to its archrival Microsoft for a $150 million cash infusion to help pay its bills.

Hot on Apple's heels is Amazon.com, the second-largest listed USA company by market value, at around $880 billion, closely followed by Google-owner Alphabet and by Microsoft. The shares are up around 22 per cent so far this year. The online sales company now has a market value of $880 billion dollars. It did not reach the $100 billion mark until May 2007, but five years later the technology giant reached a value of $500 billion.

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