Apple becomes the first company with a $1 trillion valuation

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Apple officially reached a market capitalization of $1 trillion as it stock surged again Thursday, making it the first US company to hit the massive valuation.

The iPhone-maker's shares struck an all-time high of $207.05 during trading in NY, pushing its market capitalisation past the landmark trillion-dollar level to $1.02 trillion.

The Silicon Valley stalwart's stock has surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-percent increase during the same nearly four decades.

In 2006, the year before the iPhone launch, Apple generated less than US$20 billion in sales and net profit just shy of US$2 billion.

The milestone comes a day after Apple reported blockbuster quarterly earnings.

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Apple Chief Executive Tim Cook has a trillion reasons to smile.

At the time of publishing, based on the adjusted $205.74 share price, Apple's close to the trillion-dollar valuation, but not quite there yet, sitting at about $955.08 billion in market cap according to Google Finance. "A clean beat on the path to $1 trillion".

The rise is even more astonishing - 50,000% - since the company first listed in 1980.

What makes it impressive is that Apple buys back a lot of its stock. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million.

Apple's market milestone represents a remarkable turnaround for a company that was teetering on the brink of bankruptcy in the late 1990s, just before the return of visionary co-founder Steve Jobs.