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Apple became the first U.S. company to reach a $2 trillion valuation on Wednesday. What's more stunning than the sheer enormity of the number, though, is how the tech company did it: While Apple first reached $1 trillion in August 2018, its valuation had been relatively stagnant until recently. According to The New York Times, Apple's value was under $1 trillion as recently as mid-March, when the stock market fell due to coronavirus concerns.
Since then, however, Apple, Microsoft, Amazon, Alphabet and Facebook have grown by close to a combined $3 trillion due to a flood of new investors, even while the global economy has shrunk at an alarming rate.
What's more, Apple has grown despite maintaining the status quo in many of its product offerings, which recently have included the Apple Watch Series 5, the AirPods Pro and the iPhone 11 Pro Max. While the tech giant has now entered the streaming world with Apple TV, it also draws revenue from the developers who use its App Store— as much as 30 percent, which led to a recent dispute with Fortnite creator Epic Games.
Apple is now the most valuable company in the world, surpassing Saudi Aramco, Saudi Arabia’s state-owned oil company. But Microsoft, Amazon and Alphabet may be the candidates to reach the $2 trillion mark next.
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This article originally appeared on entrepreneur.com
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