Apple is about to reach yet another significant milestone. The iPhone maker is on the verge of surpassing a market value of more than $3 trillion, making it the first publicly traded corporation to do it.
Apple (AAPL) shares was up nearly 1% in premarket trade Monday, reaching roughly $181.75. For Apple to exceed the $3 trillion threshold, the stock must reach $182.85.
In August 2018, Apple’s market value surpassed $1 trillion, and in August 2020, it surpassed $2 trillion.
Apple’s shares are up by more than 35% this year alone. Apple has reaped the benefits of increased demand for its new iPhone 13 and other older models, as well as subscription services like Apple Music, Apple TV+, iCloud, and its well-known App Store.
Apple’s most recent quarter, which ended in September, saw sales jump nearly 30% to more than $83 billion. In addition, the corporation has $191 billion in cash.
However, Apple may soon have some competition in the $3 trillion club. Microsoft (MSFT) is currently valued at over $2.6 trillion, while Alphabet (GOOGL), the parent company of Google, is valued at around $2 trillion. Amazon (AMZN), with a market cap of $1.7 trillion, and Elon Musk’s Tesla (TSLA), with a market cap of $1 trillion, are both still massive but lagging behind.