Apple became the first U.S. company to close a trading day with a $1 trillion market value in August 2018.
The milestone was reached on August 2, 2018, when Apple shares finished above the price needed to make its outstanding shares worth about $1 trillion. Market capitalization is calculated by multiplying a company’s share price by its total number of outstanding shares.
Apple’s rise reflected demand for the iPhone, services such as the App Store, and other products including the Mac, iPad, and Apple Watch. The company had already become the world’s first publicly traded company valued at more than $1 trillion during intraday trading earlier in 2018.
A common mix-up is confusing Apple’s closing-market milestone with PetroChina’s brief intraday achievement in 2007. PetroChina was the first company to touch $1 trillion in market value during trading, while Apple was the first U.S. company to close above that level.