Apple has become the world's first publicly traded company to be valued at $1 trillion. Apple shares rose 2.7% to an all-time high of $207.05 around midday, though the Washington Post reports they subsequently dropped "amid fast-moving trade," putting the company below the $1 trillion cap. Shares are up 22% so far this year. The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago. The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1, reports the AP.
Apple's stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September. A finance professor at the University of Maryland gives Thursday's news context: "Apple’s $1 trillion cap is equal to about 5% of the total gross domestic product of the United States in 2018." And the Post gives context to how far the company has come: If you sank $10,000 into its December 1980 IPO, when shares were worth $22, and reinvested your dividends, your stake would be worth roughly $6.3 million The AP has a detailed list of milestones on Apple's path to $1 trillion here.
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