NEW YORK (NewsNation) — Apple is the first U.S. company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion.
Apple shares have gained nearly 60% this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.
The company’s loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home. Apple recently reported blowout earnings for the April-June quarter. The company’s revenue grew across every category and all of its geographical regions in the June quarter.
With Amazon, Microsoft and Google-owner Alphabet, all now worth around $1 trillion or more, the big U.S. tech companies are together worth more than $6 trillion.
Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, Peru and other countries.
Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019. The Saudi energy producer’s shares have fallen since amid a drop in oil prices and its market value is now about $1.82 trillion.
The Associated Press and Reuters contributed to this report.