Apple beats Microsoft, Google and Amazon to $1 trillion valuation

Eileen GuzmanAug 04, 2018

Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do.

Virtual assistant Siri is built into Apple devices, and the company boasts the most popular smart watch on the market. At exactly 11:48a ET, on August 2, 2018, Apple stock crossed $207.05 per share.

Apple's final push to the $1 trillion mark came on the back of Tuesday night's fiscal-third-quarter earnings report - one that encouraged Wall Street's pros and individual investors alike by most measures.

The peak reached on Thursday (Friday NZ Time) seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than US$1. The 9 percent gain was Apple's biggest two-day advance in almost a decade. The number will likely still fluctuate as the stock market often does, but this is another milestone to add to Apple's long history.

So maybe in 50 years, we'll all be living in houses we bought from Amazon and filled with Google, Apple and Microsoft products. The handsets account for more than half of the Cupertino-based company's revenue. Depending on who is doing calculations, the valuation of Saudi Aramco state-controlled oil and gas company is between $1.2 billion and $1.5 billion.

The company also has a strong footing in China, unlike rivals Microsoft and Nokia, which failed to make inroads in the Chinese market, Al-Suwaiyed said.

That has raised concerns that Apple has become far too dependent on the iPhone, especially since iPad sales tapered off several years ago. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a US public company.

The tech company, launched from a garage in 1976, has been on a steady climb through the years, revolutionizing personal computers and phones with its Macs and iPhones.

Founder Steve Jobs' return to Apple in the late-1990s helped turned around the company's fortune.

He also promoted some of the company's best talent, bringing in Tim Cook in 1998, who took over as CEO in 2011, a few months before Jobs died of cancer.

Apple chief executive Tim Cook has remained firmly bullish, touting the company's product pipeline and championing good sales of the iPhone X, a recently unveiled model whose $1,000 price tag analysts anxious would be excessive.

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