Apple hits $1tr mark

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Apple hits $1tr mark

Apple - the culture-changing company behind the iPod, iPhone and iPad - hit another milestone on Thursday, becoming the first private-sector company to surpass $1 trillion in market value. Consequently, Apple became the first USA company with a market cap of over $1 trillion.

Under CEO Tim Cook, Apple has released exactly zero incredible new products and has seen its financial success multiply regardless. Obviously, the stock market is extremely volatile, so shares might not remain at $207.05 for very long, but for now at least, Apple is technically worth $1 trillion. "I still view Apple as a pretty small company, the way that we operate". Here's a look at the so-calls "Fangs", tech firms that are growing at a quick pace; Amazon, is trailing at $885 billion, Google is at $850 billion, Facebook is at $503 billion, and Netflix is at $148 billion.

Wall Street loved it. Apple climbed almost 9 percent since the earnings report.

"There was so much magic in Apple Computer in the early '80s that it is hard to believe that it may fade away".

Apple on the other hand is the first non-state-owned company to reach this stratospheric valuation on its own merits without implicit government guarantees or backing. But Apple is, of course, unique, and it has made its run to $1 trillion on the back of exactly one incredibly profitable product, the iPhone.

Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, for the June 30 quarter.

One of three founders, Jobs was driven out of Apple in the mid-1980s, only to return a decade later and rescue the computer company from near bankruptcy.

PetroChina, the world's fourth biggest oil company by revenue, was the first company to pass the $1tn mark in 2007.

And in 5 years maybe Canada will be worth less than the company that sold you your phone.

More recently, Apple has been in a race to $1 trillion with Seattle-based e-commerce giant Amazon, which is now valued around $879 billion.

Stock markets are volatile, and a small but growing threat from Chinese smartphone makers might eat into Apple's margins in the coming years.

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