Apple is close to becoming the first public company valued at $3 trillion

SAN FRANCISCO –

Apple is near to becoming the first publicly traded company to close a trading day with a US$3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits.

As of 2 p.m. ET Friday, Apple shares were up almost 2 per cent, bringing its intraday market value to US$3.04 trillion. Apple is one of a handful of technology companies, including Microsoft and chipmaker Nvidia, that have helped drive the S&P 500 to a gain of more than 15 per cent in the first half of the year.

The 47-year-old company co-founded by Silicon Valley legend Steve Jobs had briefly eclipsed a US$3 trillion market value on back-to-back days in January 2022, but couldn’t hold on by the time the market closed.

Microsoft is the second-most valuable public company at US$2.53 trillion. Oil giant Saudi Aramco has a market value of US$2.08 trillion.

Although the significance of reaching a US$3 trillion market value is largely symbolic, its magnitude is still breathtaking.

Consider, for instance, that US$3 trillion could buy nearly 9 million homes in the U.S., based on the average sales price during the past year as calculated by Zillow.