Apple was the first U.S.-listed company whose market capitalization surpassed $2 trillion, reaching that milestone in August 2020.
Apple’s valuation crossed $2 trillion as its shares rose during a period of strong investor interest in technology companies. The milestone came only about two years after Apple had become the first public company to reach $1 trillion.
The company’s market value was supported by the iPhone, rapidly growing services such as the App Store and subscriptions, and demand for products including the Mac, iPad, and Apple Watch. Investors also viewed Apple as a highly profitable business with a large installed customer base.
A market-cap milestone does not mean Apple held $2 trillion in cash. It represented the price investors were collectively assigning to all outstanding Apple shares at that moment.