In what was largely considered inevitable, Apple, in early morning trade today, has crossed the $2Tn market cap milestone. At the time of writing this piece, Apple’s market cap stood at exactly $2 trillion, with its shares trading 1.06% higher than previous day’s close.
While the milestone is in itself remarkable, what makes it even more remarkable is the fact that it comes just 2 years after Apple breached the $1 Tn market cap mark. Ever since, Apple’s shares have been on an unprecedented rally, backed by some solid revenue figures, almost every quarter. The Cupertino giant’s shares briefly rose as to as high as $468.65 on Wednesday, equivalent to a market capitalization of $2.004 trillion.
This comes just weeks after Apple announced a 4:1 stock split during its Q3 2020 earnings. The company had a booming 3rd quarter, which was the first quarter to be fully shadowed by the consequences of the ongoing COVID-19 pandemic.
Just to put things into perspective, based on its market cap alone, Apple would become the 7th richest country globally in terms of nominal GDP. It would surpass the likes of Italy, Brazil and Canada to become that.
Apple however, isn’t the only share to have seen rallies. The entire “FAAMG” grouping of US big tech companies have seen tremendous interest from investors. That, despite a rather grueling US Congress hearing. Out of that group, Tesla has seen rallies of an altogether different nature, supercharging its market cap way beyond the reach of any publicly listed automaker globally. The rally has left most “experts” bemused, specially considering that Tesla is yet to turn completely profitable.