SAN FRANCISCO Amazon, Microsoft and Alphabet are locked in a tight race to become the second publicly-listed USA company to reach a $1 trillion stock market value after Apple became the first to touch the 13-digit milestone.
Mega-cap tech giants like Amazon, Microsoft, and Google's parent, Alphabet, were also in the race to $1 trillion, but none could beat Apple in the end.
We'll be monitoring Apple's stock price closely to see if it's able to really become the first trillion-dollar company.
Apple has successfully reached a market capitalization of $1 trillion following this week's earnings release. Since then 18 different iPhones have been launched and more than 1.2bn of the devices have been sold. But according to CEO Tim Cook, this is "not the most important measure of our success". PetroChina (PTR), the Chinese oil giant, topped the trillion-dollar mark on its first day of trading in 2007, but the stock collapsed soon thereafter.
Apple has become the first US-listed company to be valued at a trillion dollars.
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Markets.com chief analyst Neil Wilson said that Apple's growth showed that they shifted away from relying on heavy iPhone sales.
Cook's ambivalence to the $1 trillion mark mirrors what he told CNN's Laurie Segall in June.
While that kind of innovation has yet to reach store shelves, Apple has consistently defied dour predictions.
Let's take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company. Shares of Apple this week traded at about 15 times expected earnings, compared with Amazon at 82 times earnings and Microsoft at 25 times earnings. This is just the beginning of a new chapter for the company - one in which it will have to choose its priorities more carefully now than ever.
The first company to hit $10 billion in market capitalization. However, the share price quickly fell back, leaving the company worth just $962 billion at the time of writing.