Apple officially becomes the first $1 trillion company


Apple became the first $1 trillion on Thursday, briefy crossing the lofty mark in a closely-watched rise in stock market history.

The company on Tuesday reported second-quarter earnings that topped Wall Street expectations, sending shares surging by more than 5% into Wednesday.

Elsewhere Saudi Aramco, the state-owned oil company of Saudi Arabia, has reportedly been eyeing a public offering that could value it near $2 trillion, but the listing has been mired with delays. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a US public company. The rally continued on Thursday, propelling shares to the magic number of $207.05 apiece.

The $1 trillion milestone is largely symbolic, though impressive.

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Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past 12 months. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest US company by market value.

Other tech giants have been approaching $1 trillion in market cap, but still lag behind Apple. Twitter's market capitalization is $24B which is just a little more than the Apple buybacks last quarter (they bought back $23B in the 1st quarter and over $43B for the year).

Its stock surged to its biggest gain in a year and a half today, soaring above the $207.04 value required for Apple to become a trillion dollar firm. PetroChina, which is also listed on the New York Stock Exchange, is now worth about $205 billion.