On Monday, Apple’s market cap passed $3 trillion more than a year after it surpassed the $2 trillion mark and three years after eclipsing $1 trillion.
There is no doubt that the iPhone has played a huge role in the success of Apple. The device revolutionized the smartphone industry and remains a cash cow for the company. But Apple continues to see strong momentum in its other businesses as well, with its services and Mac divisions reporting all-time highs in its Q4 2021 earnings.
Shortly after hitting the $3 trillion milestone, Apple’s market cap dipped below it again. Apple’s market cap must be above the $3 trillion mark when the market closes today for it to officially be designated as the first publicly-traded company with that valuation.
Apple isn’t the only company in the trillion-dollar club; Amazon, Google parent company Alphabet, Microsoft, and Tesla all have market caps exceeding $1 trillion. (Facebook parent company Meta breached the $1 trillion milestone in June but is currently sitting below it.) In recent years, Apple has also jostled with others for the crown of the world’s most valuable publicly traded company. It passed Saudi Aramco in July 2020, though it was overtaken for a time by Microsoft in October.
