The cascading trillions have been driven by the technology empire that Apple has built since Jobs returned to the company in 1997 after being pushed aside by then-CEO John Sculley in 1985. It took Apple less than two years to close with a $3 trillion market value after topping $2 trillion for the first time in August 2021, which occurred about two years after the Cupertino, California, company reached $1 trillion for the first time.
Alphabet, the parent of Google, Amazon and Nvidia have market values above $1 trillion. Oil giant Saudi Aramco has a market value of $2.08 trillion. Microsoft is the second-most valuable public company at $2.5 trillion. If $3 trillion were distributed equally to every person in the United States, each person would receive about $9,000. It could also buy the 50 most valuable sports teams in the world with plenty of change to spare.
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Instead, Apple’s stock sunk into a prolonged descent that pushed its market value briefly below $2 trillion earlier this year amid a slowdown in growth and investor jitters about rising interest rates that affected the entire tech sector.Īpple didn’t come close to the $3 trillion threshold again until earlier this month when the company unveiled what could be its next big product - a high-priced headset called Vision Pro that thrusts users into artificial settings known as virtual reality.Īlthough the significance of reaching a $3 trillion market value is largely symbolic, its magnitude is still breathtaking.Ĭonsider, for instance, that $3 trillion could buy nearly 9 million homes in the U.S., based on the average sales price during the past year as calculated by Zillow. The 47-year-old company co-founded by Silicon Valley legend Steve Jobs had briefly eclipsed a $3 trillion market value on back-to-back days in January 2022, but couldn’t hold on by the time the market closed. Apple is one of a handful of technology companies, including Microsoft and chipmaker Nvidia, that helped drive the S&P 500 to a gain of nearly 16% in the first half of the year. SAN FRANCISCO (AP) - Apple became the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits.Īpple shares closed up 2.3% at $193.97 Friday, bringing its market value to $3.04 trillion.
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