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While Apple has been considered the most valuable company in the US for some time, the iPhone maker made that distinction even more impressive by becoming the first and only company in the country to have an $800 billion market value. The tech giant got a major boost in shares thanks to investors clamoring to bet on the iPhone 8’s success.
Becoming a company that’s worth $800 billion or more is an achievement that any firm would love to have under its belt and Apple is the first US company to actually do so. Other companies in other countries have made similar achievements in the past, of course, with PetroChina Co. even touching the $1 trillion mark several years ago, Bloomberg reports.
Going back to Apple, the company’s stocks rose nicely on Tuesday, closing at $153.99 per share in the New York market. With regards to its current market capitalization, the Cupertino giant now stands at $803 billion, which is largely due to investors having a lot of confidence in the next iPhone to sell big.
This record-breaking accomplishment on the part of Apple is a clear sign that the tech industry is quickly becoming the single most valuable market in the world, surpassing the declining fossil fuel sector. In fact, barring any huge obstacle to impede its progress, the company could even reach the $1 trillion market value cap by the end of the year, Reuters reports.
On that note, many are still skittish with regards to the company’s future, especially considering that it sold fewer units of its flagship product as indicated in the most recent sales report. Analysts are becoming concerned that, while the iPhone is still making solid sales, interest in the lineup is not what it once was thanks to declining innovations.
Apple is well aware of this dangerous descent as well, which is why it is scrambling to gain a foothold in other potentially lucrative industries while it still can. Its investments in self-driving technology and augmented reality are indicative of this trend.
