On Thursday, Apple's stocks app for iOS, which pulls its financial data from Yahoo Finance, reported the company stock had passed $1 trillion, but that was based on the stock price being about $203 per share. The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.
For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product (GDP) of all but 27 major countries, including Argentina, the Netherlands, Sweden and Switzerland, according to the CIA's world fact book. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million.
The iPhone maker was named as the only publicly listed USA company to be valued at $1,000,000,000,000 just before 5pm this afternoon. Some market observers consider U.S. tech stocks to be overvalued, but few think we're in a bubble.
In the almost more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.
Shares of Apple briefly hit $207.05 in late-morning trading, before retreating somewhat. A company's market value is calculated by multiplying its current share price by the total number of shares investors hold.
With a mountain of overseas cash freed up by last year's sweeping US corporate tax cuts, Apple bought back a record $43 billion of its own shares in the first six months of 2018, and its report to the SEC suggested it has continued that program in recent weeks.