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Apple (NASDAQ:AAPL) share price reaches $2tn – doubles its value in two years
The wider markets may have been slow recently, but investors have spotted a pandemic-proof opportunity in tech.
Yesterday, Apple (NASDAQ:AAPL) saw its value reach $2tn.
The first US company ever to achieve this, and $300bn ahead of its nearest rival (Amazon), it has seen its share price rise by 59% so far this year, reaching $468.40 today on the NYSE.
This growth represents a doubling of Apple’s value in just two years.
It isn’t actually the first company to hit the $2tn mark – that was Saudi Aramco in December last year – but as Apple hasn’t simply been buoyed up by a volatile oil price, it’s the first that looks likely to stay there.
Apple was hit hard by the pandemic early on because a substantial part of its manufacturing base is located in China, the first country to go into lockdown.
China’s COVID-19 containment measures proved highly effective, however.
It was able to restart manufacturing just as stocks began to run low, giving it an advantage over many companies dependent on manufacturing in countries with more prolonged difficulties.
It survived the brief slump by closing some of its retail outlets, but ecommerce meant that it was well placed to take advantage of customer demand fuelled by financial stimulus packages in the US and the burgeoning economic recovery in China.
Rather than giving it a tyrannical grip on the tech market, Apple’s success is widely seen as good news for smaller companies, for two reasons.
Firstly, Apple has a habit of buying up promising start-ups when in a position to do so.
Secondly, its growth sends a strong signal to investors that tech is a good place to put money during this volatile period – and as more investors respond to that, it becomes a self-fulfilling prophecy.
Furthermore, as more people are now working remotely, communications technologies have a promising future.
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