Apple Set To Become World's First $3 Trillion Company
CUPERTINO (CBS SF / CNN) -- Apple is on the verge of yet another major milestone. The iPhone maker headquartered in Cupertino is close to topping a market value of more than $3 trillion — the first publicly traded company ever to be worth that much.
Shares of Apple were up about 1% in premarket trading Monday to around $181.75. The stock needs to hit $182.85 for Apple to surpass the $3 trillion mark.
Apple's market value first crossed the $1 trillion threshold in August 2018 and passed $2 trillion in August 2020.
Apple shares are up more than 35% this year alone. The company has benefited from booming demand for its new IPhone 13 and other older models as well as subscription services such as Apple Music, Apple TV+, iCloud and its popular App Store.
Sales surged nearly 30% to more than $83 billion in Apple's most recent quarter, which ended in September. The company has a whopping $191 billion in cash as well.
But before long, Apple may have some company in the $3 trillion club. Microsoft is now worth about $2.6 trillion and Google owner Alphabet's market value is right around $2 trillion. Still giant but further behind are Amazon, which has a market cap of $1.7 trillion, and Elon Musk's Tesla, worth $1 trillion.
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