Apple became the first US-listed company to reach a $2 trillion market capitalisation on August 19, doubling in valuation in just over two years.The tech giant’s shares have gained nearly 60 percent 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 hugely 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.
An upcoming four-for-one stock split that will make Apple's shares more affordable to more investors also sparked a rally after it was announced three weeks ago.
Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people's lives — and the stock market. Just five companies — Apple, Microsoft, Amazon, Facebook and Google's parent company — account for nearly 23 percent of the S&P 500's entire value.However, the tech giant isn't the first to hit the $2 trillion milestone. Saudi Arabia's state-owned Saudi Aramco, the world’s largest producer of oil, first broke the record in December 2019, reaching a market value of $2 trillion shortly after becoming a public company in December 2019. But the company’s growth was hammered due this year’s global economic slowdown and a drop in oil prices. Its market value is now about $1.82 trillion.