Apple is on the verge of reaching a 1:17 billion dollar milestone
New York (CNN Business) -
Apple is about to hit another big milestone.
The iPhone maker is poised to surpass a market value of more than $ 3 trillion, becoming the first publicly traded company to be worth that much.
Apple shares rose about 1% in pre-market trading on Monday, hovering around $ 181.75.
The stock needs to hit $ 182.85 for Apple to break the $ 3 trillion mark.
Apple's market value first crossed the $ 1 trillion threshold in August 2018 and surpassed $ 2 trillion in August 2020.
Shares of Apple are up more than 35% this year alone.
The company has benefited from booming demand for its new IPhone 13 and older models, as well as subscription services like Apple Music, Apple TV +, iCloud and its popular App Store.
Amazon, Apple or Facebook could be relegated in 2022 by investors 0:48
Sales rose nearly 30% to surpass $ 83 billion in Apple's last quarter, which ended in September.
The company also has an impressive $ 191 billion in cash.
But before long, Apple may not be alone in the $ 3 trillion club.
Microsoft is now worth about $ 2.6 trillion and the market value of Alphabet, which owns Google, is around $ 2 trillion.
They are still giants, but they lag a little behind, Amazon, which has a market capitalization of $ 1.7 trillion, and Elon Musk's Tesla, which is worth a trillion.
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