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Apple is close to becoming the first public company valued at $3 trillion

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Apple is near to becoming the first publicly traded company to close a trading day with a US$3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits.

As of 2 p.m. ET Friday, Apple shares were up almost 2 per cent, bringing its intraday market value to US$3.04 trillion. Apple is one of a handful of technology companies, including Microsoft and chipmaker Nvidia, that have helped drive the S&P 500 to a gain of more than 15 per cent in the first half of the year.

Microsoft is the second-most valuable public company at US$2.53 trillion. Oil giant Saudi Aramco has a market value of US$2.08 trillion. Although the significance of reaching a US$3 trillion market value is largely symbolic, its magnitude is still breathtaking. Consider, for instance, that US$3 trillion could buy nearly 9 million homes in the U.S., based on the average sales price during the past year as calculated by Zillow.

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Apple is close to becoming the first public company valued at $3 trillionApple is near to becoming the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits. UPDATE: Apple has become the first publicly traded company to close a trading day with a $3 trillion market value.
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