Apple was the first publicly traded US company to reach a US$2 trillion market capitalization in 2020.
Apple reached the milestone on August 19, 2020, roughly two years after becoming the first company to reach US$1 trillion. The rise reflected strong investor expectations for the iPhone ecosystem, services such as the App Store, and the company’s ability to generate substantial cash flow.
Apple’s market value did not mean the company had US$2 trillion in cash. Market capitalization is a stock-market measurement based on the price of each share and the number of shares outstanding. Share buybacks can reduce the share count while still affecting the calculation.
The 2020 milestone came during a period of major volatility in global markets. Apple’s performance was also supported by demand for devices and digital services during the COVID-19 pandemic, although market-cap records can change quickly with share-price movements.