The Cupertino giant, Apple, is now an even bigger giant. The company hit $2 trillion market cap today, hinting that the company’s growth remains strong even through the pandemic.
You can probably recall a couple years ago when Apple’s market cap hit $1 trillion. The company has essentially doubled that value in around 2 years’ time, which is a fairly impressive feat.
That said, while this does make Apple the first US company to hit this number, it’s not the first company in the world to do this. Saudi Arabia’s gas and oil behemoth “Saudi Aremco” briefly had a $2 trillion market cap in 2019.
The milestone comes as Apple’s share prices reach $467.77 per share. In fact, according to reports (paywalled), Apple’s shares have been doing surprisingly well in 2020 despite the pandemic. The company’s stock has gained more than 50% this year, averaging a 3.5% weekly growth since June.
Still being an even bigger company may not be all good things for Apple right now. The company is embroiled in a very public fight with Epic Games over the App Store’s policies. Epic is claiming that Apple strong arms developers using its monopolistic practices, and charges them exorbitant amounts (30%) for in-app purchases among other things. Apart from that, Facebook and Microsoft recently slammed Apple for preventing their apps to launch on the App Store, and Google confirmed that Stadia will not be available on iOS; at least as of now.