New Delhi: Apple is set to become the first company worth a whopping $3 trillion, and also the most valuable firm in the world. The Cupertino, California-headquartered iPhone maker's journey from $2 trillion to almost $3 trillion in market value took 16 months as compared to its move from $1 trillion to $2 trillion of almost two years, the media has reported.
The iPhone maker's march from $2 trillion to near $3 trillion in market value took 16 months, as it led a group of megacap tech firms like Alphabet Inc-led Google and retail giant Amazon that benefited from people and businesses relying heavily on technology during the pandemic, says a report by news agency Reuters.
Proving doubters wrong, the iPhone maker's shares have surged this year as investors remain confident that Apple loyalists and buyers will continue to spend top dollar for the top-tier iPhones, MacBooks and Apple's services Apple Music and Apple TV.
The company's stock was up about 1 per cent at $181.12 on Monday, just under $2 shy of reaching the milestone. Last week, Apple's shares rose nearly 11 per cent and hit record highs in four sessions, the Reuters report added.
It should be noted that while the iPhone maker is inching closer towards $3 trillion market value, Microsoft Corp is the only firm in the $2 trillion club whereas Google parent Alphabet, Amazon and Tesla have crossed $1 trillion.
This comes even as the demand for this year's iPhone 13 series is declining and Apple recently informed its component makers of the development ahead of holidays. Owing to the fall in demand for the iPhone 13 lineup, Apple has decided it will further cut production estimates which was earlier reduced from 90 million to 80 million due to the ongoing global chipset crisis.