The iPhone maker Apple Inc crossed the $900 billion mark in market capitalisation on Wednesday for the first time in history following strong earnings reported last week. The stock of Apple hit an all-time high, rising as much as 0.82% to $176.24. The decent quarterly numbers which the company posted last week only and the optimism over recently released iPhone X led the tech giant to breach the $900 billion mark.
Apple market capitalisation stood at whopping $904.87 billion according to its Wednesday’s closing price. Now, going ahead, Apple is in a race to reach the trillion dollar mark. Interestingly, if Apple climbs to $1 trillion mark then it could be the first company of the United States to do so, but sadly not the first in the world. Way earlier in 2007, the Chinese oil and gas producer — PetroChina — briefly breached $1 trillion on Shanghai Stock Exchange. However, the current market cap of PetroChina stood at around $220 billion.
Apart from PetroChina, market experts believe that Saudi Arabia based petroleum and natural gas company Saudi Aramco, which is mulling the largest ever IPO in the world, could be valued at $2 trillion upon listing. In India, the largest company by market cap Reliance Industries’ market capitalisation is at around $90 billion which is one-tenth as compared to Apple.
Wall Street markets closed at a record high on Wednesday following a rally in shares of video game makers and Apple’s market value climbing above $900 billion. The S&P 500 has risen about 21% since the election of President Donald Trump a year ago, partly on the back of his promises to cut taxes and other business-friendly measures, Reuters reported. All the three major US indices closed at record highs. The Dow Jones Industrial Average ended marginally higher, up 0.03% at 23,563.36, while the S&P 500 added 0.14% to 2,594.38. The Nasdaq Composite was the biggest gainer among the three, advanced 0.32% to 6,789.12.