NEW YORK (AFP) – Apple became the first US company to reach $3 trillion in market value, momentarily approaching the milestone on Monday, in the latest sign of the tech industry’s rampant rise.

The iPhone maker hit a new high about 1845 GMT, reaching $182.88 per share, before correcting slightly.

In August 2020, the tech powerhouse became the first US company to surpass $2 trillion in market value, thanks to the Covid-19 pandemic, which boosted demand for personal devices and digital services like Apple’s streaming and smartphone app store.

In August 2018, it became the first American corporation to reach the $1 trillion mark.

Tim Cook, who took over as CEO of the Cupertino, California-based company in 2011, shortly before Steve Jobs, the company’s visionary cofounder, died, is celebrating his newest milestone.

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

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

Revenues in fiscal 2021 totaled $365.8 billion, more than quadrupling from a decade earlier.

Apple, like many other tech giants, has been hit by supply chain challenges in recent months, including worldwide chip scarcity and Covid-related production disruptions in Southeast Asia.

Apple shares dipped after the October earnings report, but subsequently rallied, rising approximately 20% in the last two months of 2021.

Apple’s profits are mostly derived from the iPhone, which was first released in 2007, 45 years after the company’s establishment, and which contributed to the broad adoption of personal computers.

Cellphones, on the other hand, are increasingly essential gateways to service revenue, which is a fundamental component of Apple’s success. In the last five years, Apple’s service revenues, which include the Apple TV streaming service and Apple Pay, have tripled.

Cook, who was initially questioned about his capacity to manage and grow the technology frontier as effectively as Jobs, has led the company to new heights.

Cook, on the other hand, has won over Wall Street with clear communication and solid execution while assisting in the growth of new companies such as wearables, which generated over $38 billion in sales last year.

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