Apple becomes first U.S. company worth $1 trillion

Why Apple is inches away from $1 trillion valuation

SAN FRANCISCO Amazon, Microsoft and Alphabet are locked in a tight race to become the second publicly-listed USA company to reach a $1 trillion stock market value after Apple became the first to touch the 13-digit milestone.

In early May, Apple unveiled a new $100 billion share buyback plan, alleviating worries about the iPhone's prospects and a hit from US-China trade tensions.

The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007. The $1 Trillion valuation of Apple also proves that more than quantity it's quality that matters the most, and there is a sizable number of people who are don't mind spending few extra bucks for it. Recently, some of his older clients have bought Apple shares for their grandchildren. After launching the iPhone - arguably its most famous product - in 2007, Apple now churns out over 40 million of the devices every quarter, helping it rake in $254.63 billion in revenue previous year.

Amazon is the second most valuable company at $885 billion and Alphabet, the parent of search leader Google, is worth about $860 billion.

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CEO Tim Cook celebrated the moment in an all-staff memo by acknowledging it as a "significant milestone" that gives Apple's workers "much to be proud of", while adding that it is "not the most important measure" of Apple's success. As HuffPost reporter Emily Peck tweeted: "Did Apple get to $1 trillion through sheer innovation and ingenuity?

Apple went from hip to has-been in just 19 years", wrote the publication at the time.

The memo, shared by Buzzfeed, paid homage to Steve Jobs, with Cook reasserting that "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". Twenty-two years later, Apple just became the first corporation in history to eclipse a valuation of $1 trillion, following the decade-long success story that is the iPhone. That was Chinese oil and gas giant PetroChina, which briefly topped $1 trillion in market value with its IPO in 2007, before the share price declined.

Virtual assistant Siri is built into Apple devices, and the company boasts the most popular smart watch on the market. On Thursday, Amazon's market capitalization was around $874 billion. It is now worth about $200 billion, according to Thomson Reuters data.

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