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Apple is the first US company to be valued at US$2 trillion

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Apple is the first US company to boast a market value of US$2 trillion, just two years after it became the first to reach US$1 trillion.

Apple’s hugely loyal customer base has continued to buy iPhones and other devices online even while stuck at home during the coronavirus pandemic. (File photo)_

Apple shares have gained nearly 60 per cent this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.

The company’s hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home. Apple recently reported blowout earnings for the April-June quarter.

Apple Inc’s logo. (Photo: TechCrunch)

An upcoming four-for-one stock split that will make Apple’s shares more affordable to more investors also sparked a rally after it was announced three weeks ago.

Saudi Aramco reached a market value of US$2 trillion shortly after becoming a public company in December 2019. The Saudi energy producer’s shares have fallen since amid a drop in oil prices and its market value is now about US$1.82 trillion.

Saudi Aramco became the first company globally to record a market value of US$2 trillion soon after its initial public offering in December 2019. However, the value of the company’s shares have fallen with a drop in oil prices and its current value now US$1.82 trillion.
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— Bloomberg