Apple Inc. became the first U.S. company with a market value topping $3 trillion on Monday, aided by robust sales of iPhones and laptop products amid solid demand for remote learning and telework devices due to the coronavirus pandemic.
Crossing the milestone means that Apple's market value has tripled since August 2018 when it hit $1 trillion. It went on to surpass the $2 trillion mark in August 2020.
The IT giant's current market value is roughly 10 times that of Toyota Motor Corp., the largest among Japanese companies, and equivalent to nearly half the combined market value of all the companies listed in the First Section of the Tokyo Stock Exchange.
Apple's fast growth has also been supported by strong performance in other business sectors such as music distribution.
In addition, the continuation of monetary easing policy by the Federal Reserve has helped the New York stock market to remain bullish, facilitating the rise of Apple's market value.
The California-based firm posted a net profit of $28.8 billion in the October-December period of 2020 as many consumers purchased its laptop computers and other products to work from home and adapt for remote learning amid the spread of the coronavirus.
Tech giants dominate the top three spots among U.S. companies in terms of market value, with Microsoft Corp. in second place followed by Alphabet Inc., the parent company of Google LLC.