Apple has hit many crucial milestones during its 42-year existence. Obvious examples include when it was founded in 1976 by Steve Jobs and Steve Wozniak, the 1984 launch of the Macintosh, and the arrivals of the iPod, iPhone and iPad in 2001, 2007 and 2010 respectively.
Apple has hit many crucial milestones during its 42-year existence. Obvious examples include when it was founded in 1976 by Steve Jobs and Steve Wozniak, the 1984 launch of the Macintosh, and the arrivals of the iPod, iPhone and iPad in 2001, 2007 and 2010 respectively. However, Apple has reached yet another crucial point by becoming the first US company to achieve a market capitalization of $1 trillion. What does this milestone really mean?
A STUNNING VALUATION MANY YEARS IN THE MAKING
Apple had long been forecast to reach a $1 trillion valuation. In November 2017, the company’s market cap was roughly $900 billion, leading Drexel Hamilton analyst Brian White to enthuse: “We were the first on Wall Street to project that Apple would reach a $1 trillion market cap as reflected by a price target”. Another analyst, Amit Daryanan of RBC Capital Markets, also anticipated Apple meeting this goal - and possibly even surpassing it - by the close of 2018.
In fact, analysts’ predictions of a $1 trillion valuation for Apple can be traced as far back as 2012. The company’s stock price has continued steadily growing since then, with the momentum scarcely interrupted this year. However, it wasn’t until Apple announced third-quarter earnings shattering expectations that the spark was set for Apple to finally reach the magic number. The stock price saw impressive growth of 5% during the 24 hours after the earnings reveal.
A FEAT STRONGLY SYMBOLIZING APPLE’S PROWESS
Naturally, as Apple’s valuation nudged over $1 trillion, this ushered in a myriad of news reports gushing about the event. Contrary to what some of the hyperbolic reports might have led you to believe, Apple isn’t strictly the world’s first publicly traded company to have managed this feat. The Chinese oil company PetroChina had already momentarily done the same in 2007 - and, over the centuries, several other companies have been so valued if the dollar amounts are adjusted for inflation.
Still, it’s hard not to concur that the moment feels like a truly magic one for Apple. Dan Ives, head of technology research at GBH Insights, told The Mercury News: “Symbolically, it’s an important milestone, which speaks to how transformational, successful and unparalleled the Apple ecosystem is that Jobs and Cook have created in succession,” adding: “It just speaks to how revolutionary the iPhone’s been.” Ives declared: “Silicon Valley wouldn’t be what it is today without Apple”.
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