NEW YORK (AFP) – The U.S. Apple became the first US company to have a market value of $3 trillion, briefly reaching the milestone on Monday in the latest demonstration of the tech industry’s pandemic surge.

The iPhone maker set a new high near 1845 GMT, reaching $182.88 per share before falling slightly.

The tech titan was also the first in the United States to reach $2 trillion in August 2020, during the Covid-19 pandemic, which fueled demand for personal electronics and digital services like Apple s streaming and smartphone app store.

It was also the first American company to surpass $1 trillion in August 2018.

The surge is the latest achievement for Tim Cook, who took over as CEO of the Cupertino, California-based company in 2011, shortly before the death of its visionary cofounder, Steve Jobs.

While Silicon Valley companies dominate the top tier of US stock markets, Microsoft is the only other American company worth more than $2 trillion.

Apple reported a net income of $20.5 billion on revenue of $83.4 billion in October, a record high for the September quarter.

Revenues for fiscal 2021 were $365.8 billion, more than tripling from a decade ago.

However, like many other tech behemoths, Apple has been under pressure in recent months as a result of supply chain issues, such as a global shortage of semiconductors and Covid-related manufacturing disruptions in Southeast Asia.

Apple shares fell after the October earnings report, but then rallied, gaining nearly 20% in the final two months of 2021.

Apple s revenues today are mostly closely tied to the iPhone, which was first unveiled in 2007. This is 45 years after its founding, which helped make personal computers a mainstream profit.

However, smartphones are increasingly important gateways to service revenue, which is an increasingly important component of Apple’s prowess. Over the last five years, revenue from services such as the Apple TV streaming product and Apple Pay services has tripled.

This company has taken off thanks to Cook, who initially faced doubts about his ability to navigate and create the technological frontier as well as the charismatic Jobs.

Cook, on the other hand, has won over Wall Street through clear communication and effective execution as he has helped build new businesses, such as wearables, which accounted for more than $38 billion in sales last year.

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