Apple is close to becoming the first public company valued at $3 trillion

SAN FRANCISCO –

Apple is close to to turning into the primary publicly traded firm to shut a buying and selling day with a US$3 trillion market worth, marking one other milestone for a expertise juggernaut that has reshaped society with a line-up of merchandise that churn out eye-popping income.

As of two p.m. ET Friday, Apple shares have been up virtually 2 per cent, bringing its intraday market worth to US$3.04 trillion. Apple is one in every of a handful of expertise firms, together with Microsoft and chipmaker Nvidia, which have helped drive the S&P 500 to a acquire of greater than 15 per cent within the first half of the yr.

The 47-year-old firm co-founded by Silicon Valley legend Steve Jobs had briefly eclipsed a US$3 trillion market worth on back-to-back days in January 2022, however could not maintain on by the point the market closed.

Microsoft is the second-most worthwhile public firm at US$2.53 trillion. Oil big Saudi Aramco has a market worth of US$2.08 trillion.

Although the importance of reaching a US$3 trillion market worth is essentially symbolic, its magnitude remains to be breathtaking.

Consider, as an illustration, that US$3 trillion may purchase practically 9 million properties within the U.S., based mostly on the common gross sales worth through the previous yr as calculated by Zillow.