Apple was the first publicly traded business to exceed a $2 trillion market capitalization during intraday trading.
Apple passed $2 trillion during trading on August 19, 2020. The milestone came about two years after Apple became the first U.S. company to reach $1 trillion, demonstrating how quickly its market value had expanded despite the economic disruption caused by the COVID-19 pandemic.
Investors had become increasingly confident in Apple’s services business, the strength of the iPhone ecosystem, and the potential of a new 5G iPhone cycle. Apple’s share price also benefited from a four-for-one stock split in August 2020, although a split changes the price per share without changing the company’s total market capitalization.
The wording “during intraday trading” matters because market capitalization changes continuously. Apple finished below $2 trillion that day, then later exceeded the level on a closing basis. The company’s record was subsequently followed by other large technology and energy businesses.