Apple becomes world's first trillion-dollar company

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Apple on Thursday become the first United States company worth more than $1 trillion on a public stock market.

In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism's most exclusive clubs.

Some experts estimate the Saudi oil company could reach a total stock market value two times bigger than Apple's - at $2 trillion dollars.

Apple sold 43.1m iPhones in the June quarter, as customers flocked to its more expensive models like the iPhone X. In fact, while the company's iPhone earnings for the quarter grew 20% year-over-year because of higher smartphone ASPs, Apple's services revenue grew 31% year-over-year as the company has been expanding its offerings for some time now.

Amazon, Google owner Alphabet and Microsoft have all rallied to near record highs this year, too. Since Cook became CEO, Apple's annual revenue has more than doubled to $229 billion while its stock has quadrupled.

The race to a $1 trillion market cap - symbolic as it is - has been closely watched on Wall Street.

Apple has today become the world's first public company to be worth $1 trillion. But Amazon's market capitalization would overtake Apple's later in 2018 if both companies shares were to continue their 12-month growth pace.

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It's only taken Apple 42 years to get almost as big as Canada.

This streamlining is putting millions of dollars in the pockets of small companies, which now have a vital role in producing some the world's most popular products.

Apple chief executive Tim Cook has remained firmly bullish, touting the company's product pipeline and championing good sales of the iPhone X, a recently unveiled model whose $1,000 price tag analysts anxious would be excessive.

Apple began in the garage of co-founder Steve Jobs more than 40 years ago.

In a US regulatory filing this week, Cook warned tariffs being imposed in a US-China trade war could result in Apple paying more to make its products, eating into profit or forcing up prices for consumers.

Amazon is now the second-largest publicly-listed USA company, with a market capitalization of $889 billion, followed closely by Alphabet and Microsoft, at $856 billion and $830 billion respectively.

As a supplier of the cutting-edge screens used on the iPhoneX, this supplier is on the front lines of the products that will drive Apple's growth - and profits.

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