The race for the $1 trillion mark in market capitalization earlier looked like it would go to Amazon, but the tide swings in Apple’s favor once again. Electronics giant Apple edges closer to the magic number as its market capitalization has hit a record high of $988 billion at the close of trading on August 1. Bloomberg reports that the share price required for Apple to cross $1 trillion in market capitalization is $207.05 per share.
Apple shares were valued at $201.50 per share at the close of trading, and after-hours trading has seen it hover at around the same levels. in order for the company’s total valuation to hit the massive and admittedly very notional figure, the share price will have to go up by about 3 percent. This is entirely possible in the coming days. While achieving the number won’t have any real-world effect on the company that is one of the most profitable in the world, it will be something for the record books, and for Apple’s shareholders to boast about.
The push in market cap comes as Apple has announced its latest earnings call, which details steady profits and increasing revenue from services. And although Huawei has overtaken Apple as the second largest smartphone maker by shipments, the higher margins on iPhones and the successful computer and services offerings keep Apple on top as the world’s most valuable company. To add to that, Apple’s dominance in the US ensures that it continues to grow and remain highly profitable.
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E-commerce and internet services giant Amazon also showed signs of overtaking Apple to hit the $1 trillion mark first, but its valuation hasn’t been able to challenge Apple in recent days. And indeed, if Apple hits the $207.05 share valuation in its current rally, we can officially call this race over and declare Apple the winner.