Apple inches closer to becoming 1st US company worth $3 trillion

The US-based tech giant Apple is inching closer to becoming the first US company worth $3-trillion.

The market capitalization of $3 trillion is expected to put Apple's value roughly on par with the gross domestic product (GDP) of the United Kingdom ($2.76 trillion), exceeding the GDP of countries including India ($2.66 trillion), France ($2.63 trillion) and Russia ($1.48 trillion), as per the GDP data mentioned by the World Bank for 2020.

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According to the report, on the first day of trading in 2022, the Silicon Valley company's shares hit an intraday record high of $182.88, putting Apple's market value just above $3 trillion. The stock ended the session up 2.5% at $182.01, with Apple's market capitalization at $2.99 trillion.

SOURCE: REUTERS

The world's most valuable company reached the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

"It's a fantastic accomplishment and certainly worthy to be celebrated. It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors' eyes," Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, was quoted as saying to Reuters.

Apple's shares have climbed around 5,800% since co-founder and former chief executive Steve Jobs unveiled the first iPhone in January 2007, far outpacing the S&P 500's (.SPX) gain of about 230% during the same period, the report said.

According to Reuters, Under Tim Cook, who in 2011 became chief executive following Jobs' death, Apple has sharply increased its revenue from services like video streaming and music.