Just two years after Apple became the first publicly listed U.S. company with a $1 trillion stock market value, the iPhone maker has now topped $2 trillion, Reuters reports.
The Cupertino, California-based company’s shares briefly rose to as high as $468.65 on Wednesday, August 19, equivalent to a market capitalization of $2.004 trillion. The stock was last up 1.2% at $467.62, giving Apple a market capitalization of $1.999 trillion.
Buoyed by bets on the long-term success of the country’s biggest tech names in a post-coronavirus world, Apple’s shares have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world’s most valuable listed company. Apple’s stock is up about 57% so far in 2020.
The rally reflects growing investor confidence in Apple’s shift toward relying less on sales of iPhones and more on services for its users, including video, music and games.
Apple now accounts for close to 7% of the S&P 500’s total market value. Its market capitalization is about equal to the combined values of the S&P 500’s 200 smallest companies.
However, Apple’s recent stock rally has left it potentially overvalued, according to a widely used metric. The stock is trading at over 30 times analysts’ expected earnings, its highest level in more than a decade, according to Refinitiv.