In early morning trading on Thursday Apple's stock jumped 2.8 percent and sent the company over a magic hurdle as it became the world's first private-sector publicly traded company with a market value of $1 trillion.
However, Apple has always looked the most likely victor, as I noted in June: Apple is close to becoming the first USA company worth $1 trillion.
And in 5 years maybe Canada will be worth less than the company that sold you your phone.
"Steve's vision was grounded in the synergy between hardware products, software services, and third-party apps and media to make sure any customer would have everything they need without ever leaving the Apple ecosystem", said Tony Fadell, who worked closely with Jobs to create the iPod digital music player.
For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product of all but 26 major countries; its value is higher than the GDP of Argentina, the Netherlands, Sweden, and Switzerland, among others, according to the CIA's World Factbook. In three months, Apple saw profits of $11.5 billion on $53.3 billion in sales.
U.S. tech companies make up the top 5 most valuable enterprises based on share prices.
Apple CEO Tim Cook has a photo taken during an Apple event at the main store in Chicago. Now, it ranks as the ninth most valuable, surpassed by Apple and a list consisting primarily on companies immersed in technology.
But given Apple's fundamentals and its reasonable valuation, the trillion-dollar market cap looks a lot more like a milestone than it does a wall.
Although the iPhone X launched with weaker-than-expected sales numbers, Apple has turned things around as of late. "Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow", said Maestri in the firm's statement. Other tech giants are not far behind Apple today, with Amazon.com Inc., Alphabet Inc. and Microsoft Corp. worth more than US$800 billion each.
Last month, an ex-Apple engineer was charged in California with stealing trade secrets from a hush-hush self-driving auto technology project days before he quit to go to a Chinese start-up.
The company founded by Steve Jobs, however, is not the first to achieve this feat. Microsoft helps Apple survive with a $150 million investment.