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.
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.
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.