Business appears to be good for Apple. Extremely good. The company managed to hit a market cap of $2 trillion today (via CNBC), which suggests that the average tech user is head over heels about the iPhone and related devices/services. The achievement is especially surprising because it took Apple nearly four decades to hit a $1 trillion valuation, but only two years to reach a $2 trillion market cap.
Technically, this seems to make Apple the first U.S. company to hit $2 trillion, but it wasn’t the first to accomplish this incredible feat. According to The Motley Fool, the Saudi Arabian Oil Company (or Saudi Aramco) also hit similar highs on December 11, 2019.
“On the first day of trading, the stock climbed 10% higher, valuing the company at roughly $1.9 trillion, but missing out on the $2 trillion valuation anticipated by Crown Prince Mohammed bin Salman,” the author wrote. “It wasn’t until the next day that Saudi Aramco achieved the high watermark, trading up nearly 10% for the day. At the time, it dwarfed Apple, which was valued at about $1.2 trillion.”