Investing.com - Apple became the first U.S. public company to achieve a market capitalization of $1 trillion Thursday.
Apple (NASDAQ:AAPL) stock hit $207.05 before retreating. Based on the number of shares outstanding as of July 20, Apple stock had to hit $207.05 to make the milestone.
Shares moved into trillion-dollar territory following a strong earnings report earlier this week.
On Tuesday, Apple’s fiscal third-quarter results beat on the top and bottom lines, driven by sales of the pricier iPhone X and subscription revenue to services such as Apple Music and its App Store.
Other technology stocks are also approaching the $1 trillion level. Among Apple’s fellow FAANG stocks, Amazon’s market cap stands around $865 billion and Google parent Alphabet (NASDAQ:GOOGL) is close to $850 billion. Facebook (NASDAQ:FB), which took a sharp market cap haircut on weak results last week, is around $500 billion.
PetroChina exceeded $1 trillion in market cap when it went public in Shanghai in 2007.
Apple shares (NASDAQ:AAPL) are up more than 20% year to date.