LOS ANGELES — Apple officially reached a market capitalization of $1 trillion as it stock surged again Thursday, making it the first U.S. company to hit the massive valuation.
The milestone reinforces the massive power Apple has in the tech world — and with its momentum, the company is poised to further shake up Hollywood with an expected video-subscription launch some time later this year.
Apple’s stock hit a high of $207.05 per share in trading just before noon ET, putting it at the $1 trillion mark. That came after a 5.9 percent surge a day earlier.
Earlier Thursday morning, Apple’s own Stocks app — which uses data from Yahoo Finance — incorrectly reported that the company’s market cap was over $1 trillion because it didn’t factor in the reduction in shares outstanding after Apple’s $100 billion stock buyback announced on Tuesday.
Bullish investors have rallied after the company’s results for the June 30 quarter that handily beat Wall Street forecasts and its upbeat guidance for the September quarter with refreshed products expected this fall.
With a market cap of $1 trillion, Apple has a value greater than the gross domestic product of most countries in the world, including Turkey, Switzerland, Saudi Arabia and Taiwan.
The race to a $1 trillion market cap — symbolic as it is — has been closely watched on Wall Street. Some analysts expected Amazon, which also has continued to turn out stellar earnings, to be first to the mark.