‘A billion dollars isn’t cool. You know what’s cool? A trillion dollars’
Illustration by Alex Castro / The Verge
Apple has become the first US company with a market cap of over $1 trillion. This follows a jump in its stock after reporting strong Q3 earnings that saw the iPhone maker surpass both its own projections and analysts’ estimates, while also making a strong forecast for its upcoming Q4 earnings.
Apple hit the $1 trillion mark early this morning when its stock crossed $207.05 per share at 11:48am ET (the stock has since dropped back down slightly). Given the volatile nature of the market, however, it’s possible Apple may not stay a $1 trillion company for very long, or it could bounce back and forth over the $1 trillion mark in the coming days. It technically also isn’t the first to hit $1 trillion, either — PetroChina briefly reached $1 trillion back in 2007, although the stock soon fell below that mark.
Of course, all of this is an arbitrary milestone based on humans’ general tendency to put more weight on nice-looking round numbers as some kind of goal. There’s really no practical difference between Apple’s worth of $999 billion and $1 trillion since it’s still an almost impossibly wealthy and influential company beyond the comprehension of individual people.