Apple Becomes First Company To Hit $3 Trillion Market Cap

(RTTNews) - Tech giant Apple Inc. (AAPL) shares hit an all-time high on Monday, thus helping the iPhone maker to become the first company to hit $3 trillion market capitalization.

During its trading on Monday morning, the stock price reached $182.88, making it the first publicly traded company in history to reach $3 trillion market valuation. Shares are currently trading at $182.11, up $4.54 or 2.56%.

Apple reached the latest milestone just less than two years after it breached the $2 trillion mark. Apple's market value first crossed the $1 trillion threshold in August 2018 and exceeded $2 trillion in August 2020.

Meanwhile, Apple can soon expect company in the $3-trillion club, with Microsoft Corp. (MSFT) most probably being the next with current capitalization of about $2.6 trillion. Google owner Alphabet's (GOOGL) market value is right around $2 trillion, while other giants like Amazon (AMZN) and Elon Musk's Tesla (TSLA) have capitalization of around $1.7 trillion and $1.2 trillion, respectively.

In the past 52-week period, Apple's stock has gained a whopping 50%, as investors continue to be bullish about the company's products and services, including iPhones, MacBooks, Apple TV and Apple Music. Apple reported revenues of $83.4 billion in the most recent quarter, up nearly 30%. The company also has a war-chest of $191 billion in cash as well.

Apple shares have returned nearly 22% per year since the 1990s, while the S&P 500 has returned less than 9% annually in the same period.

Moving forward, investors expect Apple to open new revenue streams, like a potential Apple Car and AR/VR Glasses.

The new milestone would be another feather in the cap of CEO Tim Cook, who took over the reins of the company after co-founder Steve Jobs resigned in 2011.