Apple hits record $1T US stock market valuation

Apple hits record $1T US stock market valuation

Apple first listed in 1980 and its stock has risen more than 50,000% since then. The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.

The iPhone maker's market value reached the figure in late morning trading in NY as its shares rose to a new record high above $207.

Other tech giants have been approaching $1 trillion in market cap, but still lag behind Apple.

Apple has become the world's first public company to be worth $1 trillion. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion. The iPhone maker became the first company to reach this valuation.

Apple's stock market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble and AT&T. Apple briefly hit the $1 trillion mark before falling back below it amid fast-moving trade.

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The iPhone transformed Apple's fortunes.

A company's market cap is calculated by multiplying the number of shares outstanding by its stock's share price.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past 12 months. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors.

Its shares have increased more than 2.5 per cent so far this afternoon, bolstered by positive quarterly results for the Cupertino company in which it smashed analyst expectations.

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