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Apple First US Company To Hit $2 Trillion M-Cap
On August 19, 2020, iPhone company Apple becomes the first US company to hit a market capitalization of $2 trillion, doubling its valuation in a span of just over 2 years.
In 2020 thus far, Apple's shares rose 60 per cent, getting the better of the shutdown of Chinese factories that manufacture iPhones and suspension of sales from the retail market amid the pandemic outbreak.
Apple's loyal customer base continued their purchase through the online route while being stuck amid the lockdown. For the April-June quarter, the company logged blowout earnings. Another reason for the stock's sharp move off late has been the forthcoming stock split in the counter of four for one that will render Apple to be a more affordable stock.
However, Apple is not the only company to achieve this feat as Saudi Arabia's energy company Saudi Aramco hit this level in December 2019, soon after becoming the public company during that time only.
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