Apple becomes first US company to top US$2 trillion in market value

NEW YORK: Just two years after Apple became the first publicly listed US company with a US$1 trillion stock market value, the iPhone maker has now topped US$2 trillion.

The rally reflects growing investor confidence in Apple's shift toward relying less on sales of iPhones and more on services for its users, including video, music and games.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. US President Donald Trump has been ratcheting up pressure on Beijing through restrictions on leading Chinese tech firms. Any retaliation against Washington by China could cause troubles for Apple, analysts say.Apple now accounts for close to 7 per cent of the S&P 500's total market value. Its market capitalisation is about equal to the combined values of the S&P 500's 200 smallest companies.

Microsoft and Amazon follow Apple as the most valuable publicly traded US companies, each at about US$1.6 trillion. They are followed by Google-owner Alphabet, at just over US$1 trillion. Apple surprised Wall Street as it was able to get loyal shoppers to buy iPhones, iPads and Macs online even as several brick-and-mortar stores remained closed due to the coronavirus lockdowns.

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