Apple becomes 1st US company to hit $2 tn in market value

The iPhone maker attained the distinction in morning trading before easing and concluding the session slightly higher. The company had previously become the first giant to hit $1 trillion in market value in March 2018.

Even as other large tech firms have shot higher on robust demand during lockdowns, Apple has outpaced its rivals by delivering strong sales of gadgetry including wearables and tablets, along with new apps and services which have gained ground during the global health crisis. The company also benefited from services such as digital payments and streaming and from increased sales in smartwatches as interest in health and fitness applications rises.The ascendancy of Apple and other tech giants has prompted increased oversight from regulators and lawmakers, including on Capitol Hill, where Cook and the CEOs from Amazon, Facebook and Google all were grilled at a high-profile July 29 hearing.

Analysts expect more scrutiny ahead for Apple and the other giants, but it isn't clear yet whether the questioning will lead to meaningful change.

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