Apple Becomes First U.S. Company to Hit $1 Trillion Value

Apple became the first U.S.-based company with a market value of $1 trillion, acccordimg to Bloomberg.

The shares rose 2.9 percentin New York, propelling the consumer-technology giant’s market value to $1.002 trillion. PetroChina briefly crossed the trillion-dollar mark in late 2007, but slumped quickly as oil prices collapsed in the financial crisis. Other tech giants are not far behind Apple, with Amazon, Alphabet and Microsoft worth more than $800 billion each.

Since its inception in 1976, Apple has consistently re-imagined what a computer can be and defined how humans interact with devices and software. The iMac desktop computer, the iPod, iPhone, and iPad were smash hits, while commercial misses like the Newton and Lisa are still considered pioneering.

"Steve’s vision was grounded in the synergy between hardware products, software services, and third-party apps and media to make sure any customer would have everything they need without ever leaving the Apple ecosystem," said Tony Fadell, who worked closely with Jobs to create the iPod digital music player.

Cook also partly reversed Jobs’ product focus, adding wireless earphones, watches, a speaker and several versions of the iPhone. The latter move has helped the company maintain smartphone growth in an industry that’s now contracting.

Apple hit the $1 trillion milestone in the wake of a new U.S. tax law that’s been a boon for shareholders. The company’s corporate tax rate was slashed and it’s bringing hundreds of billions of overseas dollars back to the country. Much of that money will be spent on more buybacks and dividends.