How Apple Reached the $900-Billion Mark
Apple breached the $900 billion mark on Wednesday, November 8
Tech behemoth Apple (AAPL) reached yet another milestone on Wednesday, November 8. The company’s stock hit a new all-time high of $176.24, which means it has breached a market cap of $900 billion.
Apple has become the first company to have a market cap of $900 billion. The company breached the $800-billion mark only in May. It took the company a mere 128 trading days to reach $900 billion, as the graph below shows. This means, assuming that outstanding shares remain constant, the company is only 11% away from reaching the $1 trillion landmark.
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Apple’s stellar earnings helped push the company to landmark
The iPhone maker’s shares have surged by over 50% YTD (year-to-date), as markets expected the company to profit from the so-called “supercycle.” The company released its fiscal 4Q17 results last week, handily beating market expectations on all counts, which pushed the shares up even further.
Notably, the company saw a rebound in China (FXI). Apple stock has surged 13% since October 25. It took Apple took nearly 30 years to hit the $100-billion mark, but it has been reaching other landmarks fairly quickly since then.
Apple is thus way ahead of the rest of the pack. Google-parent Alphabet (GOOG) holds second place, with a market cap of ~$730 billion. Microsoft (MSFT) recently reached the $600-billion milestone again, after breaching it once during the tech bubble.