Apple is the world's first trillion dollar company

Apple is closing in on a $1-trillion market valuation

Apple becomes world's first trillion dollar company

Its stock - now testing the $1,800 mark - is up 50 per cent this year, but, as Macquarie analyst Ben Schachter's most recent new price target indicates, the company needs a $2,100 stock price to hit $1.02 trillion - that's a 76.6 per cent year-to-date increase requirement.

He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the cellphone industry, catching Microsoft, Intel, Samsung and Nokia off guard.

Apple's achievement seemed unimaginable in 1997 when the company teetered on the edge of bankruptcy, with its stock trading for less than $1. Recently, some of his older clients have bought Apple shares for their grandchildren.

Apple has sold more than a billion iPhones.

Amazon is in second place at $866bn, followed by Alphabet, the parent company of Google, at $843bn.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

The first company to hit $100 billion in market capitalization was only able to do so 23 years ago.

PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government.

At the time of writing, Apple has already retreated from the $1 trillion valuations, and the fate of the last company to reach $1 trillion may be an object lesson to investors. Shares of Apple this week traded at about 15 times expected earnings, compared with Amazon at 82 times earnings and Microsoft at 25 times earnings.

It would appear that, in the stewardship of Apple, Cook is following in the footsteps of the late and much revered Jobs; a heartening tale of good cop/good cop, incorruptible by even unprecedented amounts of money.

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote.

The first company to hit $1 billion in market capitalization - this was far before the breakup of AT&T into the "Baby Bells", which occurred in 1982. Amazon had the second-largest United States market cap as of Wednesday, at roughly $872.5 billion.

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