Technology
Apple’s Market Capitalisation Hits $1.5 Trillion
Apple Inc Became First American Company to Worth $1.53 Trillion
Apple (NASDAQ: AAPL) became the first American company to reach $1.53 trillion market capitalisation on Wednesday despite the COVID-19 pandemic.
The shares of the company rose on speculation that the company is about to release a 5G iPhone 12 and new custom ARM-based chips for Macs that could replace Intel components.
Apple’s price rose to $352 per share on Wednesday, up from $347.90 it opened earlier in the day to hit $1.53 trillion market capitalisation.
“Apple would reduce its share count by about 1 billion shares in the forecast period, from 4.6 billion at the end of fiscal 2019 to 3.6 billion in fiscal 2024.
“At that share count, the market cap would hit $2 trillion if the stock price was just over $550,” wrote Barron”s analyst Amit Daryanani.
Similarly, Microsoft market capitalisation rose to $1.478 trillion on the same day while Amazon.com Inc did $1.325 trillion.
Stocks of tech companies surged with an increase in technology usage due to the COVID-19 pandemic that forced many people to work from home and companies to improve security to protect users due to rising cyber-attacks.
