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Apple becomes the first $2 trillion American company, gaining $1 trillion in just two years

Perhaps even more dramatic than Apple’s rise to $2 trillion is how quickly it got there.

Apple becomes the first $2 trillion American company, gaining $1 trillion in just two years
[Photo: Stephanie Keith/Getty Images]

In yet another sign that the global pandemic has prompted investors to bet even more heavily on Big Tech, Apple just became the first publicly traded U.S. company to achieve a market capitalization of $2 trillion.

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The iPhone maker hit the closely followed benchmark on Wednesday after an early-day stock boost, which came despite a bitter standoff with Epic Games that many believe will invite new antitrust scrutiny of Apple’s practices. Last week, Epic sued both Apple and Google after its popular Fortnite game was removed from those companies’ app stores in a pricing dispute.

Perhaps even more dramatic than Apple’s rise to $2 trillion is how quickly it got there—just two years after hitting $1 trillion and just two months after hitting $1.5 trillion.

Apple is among a number of tech giants that have benefited from dramatic shifts in consumer habits over the last several months, as COVID-19 has kept people indoors and gravitating toward virtual shopping and leisure activities. Amazon, the No. 2 American company by market cap, is also quickly approaching the $2 trillion benchmark. The e-commerce behemoth reported revenue of $88.91 billion last month.

Currently, all of the top five firms trading on U.S. markets are tech companies. In addition to Apple and Amazon, they include Microsoft, Alphabet, and China’s Alibaba Group.

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About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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