Apple hit a $ 2 trillion market cap on Wednesday morning, making it the first publicly traded company in the US to reach that point.
The tech giant first breached $ 1 trillion in August 2018 and doubled in value in just one year, with huge growth in growth over the past few months as the coronovirus epidemic alone devastated other parts of the US economy.
According to CNBC, Apple’s meteoric growth has surpassed Saudi Arabia’s state-owned Saudi Aramco to become the world’s most valuable company – the first company to hit the $ 2 trillion mark.
Large-scale evaluation is only the latest boost for the world’s market share of technology. The biggest tech giants – including Amazon, Google and Facebook – have seen surprising growth amid the epidemic. Amazon posted record-breaking profits in the previous quarter, while Facebook closed a major advertising boycott.
reached out to Apple to comment on the milestone. We will update this story when we hear back.
Apple’s historic market cap has come at a time when the company is investigating for antitrust practices, especially when it arrives in the App Store. A separate investigation by the New York Times and The Wall Street Journal last year found that Apple supported its own app made by third parties. The tech giant is currently the focus of federal investigations, and Apple CEO Tim Cook was scheduled to testify at a Big Tech antitrust hearing as part of an ongoing investigation last month.
Other companies are alleging that Apple’s App Store participates in antichromatic practices. Last week, Epic Games sued Apple for taking over Fortnite Away from the App Store. The Epic Games lawsuit alleges: “Because Apple has a monopoly on the distribution of iOS apps, app developers have no option for this antichromatic tie; This is Apple’s road or highway. “