Apple becomes the first company in human history to reach a $2 trillion market cap

On August 2, 2018, we wrote about Apple after it became the first company in human history to reach $1 trillion in market cap. Today, Apple reached a new milestone reaching a market cap of $2 trillion, doubling in valuation in just over two years. It’s the first publicly traded U.S. company to reach the $2 trillion milestone.

To put this in perspective, “Apple’s $1 trillion market cap is equal to about 5 percent of the total gross domestic product of the United States in 2018,” said David Kass, professor of finance at the University of Maryland.

Wall Street has largely expected Apple to be the first to surpass the $2 trillion mark. On July 31, Apple surpassed the state oil giant Saudi Aramco to become the world’s most valuable publicly-traded company.

It didn’t take long for other tech giants to match Apple’s $1 trillion market cap. Today, Amazon, Microsoft, and Alphabet all have market caps above $1 trillion.

Founded on April 1, 1976, by Steven Paul Jobs, Steve Wozniak, and Ronald Gerald Wayne, the Cupertino, California-based Apple is an American multinational technology corporation that designs, manufactures, and markets mobile communication and media devices, personal computers, portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.

Apple is the world’s largest information technology company by revenue and the world’s second-largest mobile phone manufacturer after Samsung. Apple was named as the most admired company in the United States in 2008 and in the world from 2008 to 2012 by Fortune magazine.

This is breaking news. Please check back for updates.