Apple first to reach US$1t market value
Print Edition
APPLE has become the first US company to be valued at US$1 trillion, leading a rebound in technology stocks that helped Wall Street pare losses and turned the Nasdaq positive.
The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago.
The peak reached yesterday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than US$1.
To survive, Apple brought back its once-exiled co-founder, Steve Jobs, as interim CEO and turned to its arch rival Microsoft for a US$150 million cash infusion to help pay its bills.
Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple’s rise.
Apple hit a record high of US$207.05, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
Apple’s market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble and AT&T. It now accounts for 4 percent of the S&P 500.
“There’s a dichotomy on whether the tech run is going to continue,” said Cliff Hodge, director of investments for Cornerstone Wealth in Charlotte, North Carolina.
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