- Apple was valued at over $900 billion after markets closed on Wednesday. The next closest company, Google parent Alphabet, is valued at $728 billion. Apple stock is up 52.6% in 2017.
The world’s most valuable company just broke a new record.
Apple shares finished regular trading at $176.24 on Wednesday, up less than 1% but crowning the company with a jaw-dropping market cap of $904 billion. It’s the first time that Apple has been valued at over $900 billion at the end of a day of trading, although the company has crossed the mark in intraday trading before.
The next closest company – Alphabet – has a market cap of $728 billion.
Apple has had a very good few months. It’s stock is up 52.6% in 2017 so far, and it recently released a sales forecast for its holiday quarter of more than $84 billion in revenue, which would be a record for Apple.
“We’re literally firing on all cylinders,” Apple CEO Tim Cook said on the company’s earnings call last week.
Its latest product, the iPhone X, seems to be a hit despite a high price, with supplies backordered for weeks. And Apple stands to be one of the primary beneficiaries if the Republican party passes tax reform and allows Apple to bring some of its over $200 billion in cash and securities held overseas back to the United States at a reduced rate.