Technology stocks pushed the S&P 500 and Nasdaq higher on Thursday, driven by Apple shares as the iPhone maker became the first publicly traded U.S. company worth a trillion dollars.
Though Apple is not the first publicly traded company to exceed the $1 trillion dollar mark - PetroChina tipped over it nearly a decade ago - it is the first American company with the distinction, reaching the milestone ahead of competitors Alphabet, Microsoft, and Amazon.
The company on Tuesday reported second-quarter earnings that topped Wall Street's expectations, sending shares surging by more than 5% into Wednesday. The company also boosted its revenue from services, including Apple Music and the app store.
FILE - In this April 24, 1984, file photo, Steve Jobs, left, chairman of Apple Computers, John Sculley, center, president and CEO, and Steve Wozniak, co-founder of Apple, unveil the new Apple IIc computer in San Francisco.
Today Apple Inc. surpassed the $1 trillion dollar mark in value, showing once again that it is the dominant force when it comes all the companies out there today. Also propelling Apple higher in recent months was Apple's announcement that it earmarked $100 billion for a new share repurchase program.
Mr Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple's rise.
"I left Apple twice", Kawasaki said with more chuckle than notes of regret.
Last year, sales had risen to $229bn and profits to $48.4bn, making it the most profitable public-listed USA company.
October 2011: Jobs, 56, dies after battling pancreatic cancer, having turned over command of Apple to Tim Cook earlier in the year.
Five years ago, Apple was spending about US$4b a year on research and development, or about 3 per cent of its sales.
Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.
The company founded by Steve Jobs, however, is not the first to achieve this feat. That wealth creation exceeds the current market value of every publicly traded US company except Amazon, Microsoft and Google's parent, Alphabet.
The historic valuation Apple reached Thursday is a culmination of the "Think Different" motto of its 1997 ad campaign featuring the famous "Crazy Ones" ad. Microsoft helps Apple survive with a $150 million investment.