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Apple Is Worth Over $900 Billion. But It Won’t Be the World’s First Trillion-Dollar Company

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In the race to a trillion, Apple is closer than ever.

Buoyed by strong earnings and optimism surrounding the iPhone X, the market value of the tech giant has closed above $900 billion for the first time: $904 billion as of Wednesday. That valuation beat out even Microsoft’s climb toward a trillion dollars during the dot-com boom.

Despite the hype, Apple would not be the first publicly traded company to reach a trillion dollars in market value. That distinction belongs to oil and gas producer PetroChina, which briefly topped $1 trillion on the Shanghai Stock Exchange in 2007.

Apple also would not be the most valuable company in the world. Most experts believe that distinction belongs to state-owned oil giant Aramco, which the Saudis believe could make a $2 trillion IPO.

However, the iPhone maker is the biggest public company in the world. As investors look forward to how sales of the iPhone X fare (figures that won’t show up until 2018), it is a mere 11% push away from the much-discussed $1 trillion valuations.

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Article Credit: Fortune

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