Apple’s market value reached over $2 trillion on Wednesday morning after its shares surpassed $467.77, becoming the first US company to achieve that fete. This came almost two years after the company also became among the first company to reach an evaluation of over a trillion dollars.
The rise of the tech giant, however, comes as no surprise, as other tech companies have also had amazing growth since the year began. Apple has seen a growth of 58 percent this year, with Microsoft, Google, Amazon, Facebook and Netflix also following in its footsteps and setting record growth this year.
Apple’s Market Value growth
The growth has been partly attributed to the pandemic, that has forced people to start working from home. This has led to a surge in the demand for technological products that people are now using to connect with their colleagues at work. Activities such as shopping have also moved online, which has seen Amazon benefitting greatly. School and entertainment have also driven the stock prices of Google and Netflix up respectively.
The growth of these technology companies has also had a massive impact on the US stock market, where apple, Microsoft, Amazon, Facebook and Google’s parent company, Alphabet make 23 percent of the total value of the S&P 500 index. This has pushed the S&P 500 index to new highs. The historic market prices comes a few months after a market plunge that was driven by the coronavirus pandemic in the country.
The growth of the technology companies is expected to continue its growth, with other companies such as Amazon, Microsoft and Alphabet also expected to hit the two trillion dollar mark in the coming months.
In April, Apple introduced its $400 phones, which were priced less than their expensive phones, reducing prices by between 40 to 60 percent. Their fancier phones, however, will be launched in October and will come with capabilities such as the ability to connect to 5G internet.
Featured image by Pixabay