Apple has become the world's first publicly traded company to be valued at $1 trillion.
The iPhone maker's market capitalisation reached the figure in afternoon trading in NY as its shares rose above $207. The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.
The beloved tech giant is now officially the first trillion-dollar company, beating Amazon to the historic milestone. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a US public company. But that peak coincided with a Chinese stock-market bubble, and PetroChina's shares would lose $800 billion in value over the next 10 years.
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Oil giant PetroChina briefly topped a trillion dollar valuation in 2007 when its stock began trading in Shanghai, but shares quickly plunged afterward. Analysts have said Apple needs a new smartphone to keep up the good sales, but the company passed the $1 trillion mark because of strong sales of the iPhone 8 and X in China and Japan. Apple's market capitalization - a common financial measure of worth which multiplies the number of shares by the share price - makes the company worth more than the economies of, for example, Saudi Arabia, Switzerland and Taiwan.
More recently, Apple has been in a race to $1 trillion with Seattle-based e-commerce giant Amazon, which is now valued around $879 billion.