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Apple is the first U.S. company to hit a $2 trillion stock market valuation

August 19, 2020, 3:22 PM UTC

Apple’s stock market value exceeded $2 trillion in midday trading on Wednesday, marking the first time ever a U.S. company reached the milestone.

Apple’s shares reached an all-time high of $468.09 during the day, putting its value over the $2 trillion mark. It took the company many decades to reach $1 trillion for the first time back in August 2018, but only two years to double in value and hit $2 trillion.

Apple’s stock is up about 59% so far this year despite the global economic slowdown due to the COVID-19 pandemic. Consumers continued to buy more computers, phones, and services from Apple in the second quarter, bolstering Wall Street’s confidence in the Cupertino profit-making juggernaut led by CEO Tim Cook.

A few of Apple’s big tech rivals aren’t far behind. In midday trading, Amazon’s market cap reached almost $1.7 trillion and Microsoft exceeded $1.6 trillion.

Counting companies outside of the United States, Saudi Aramco went public last year and briefly traded at a stock market value over $2 trillion, the first time a public company hit the mark worldwide. Its share price has since declined about 10%, however.