Apple's shares have gained 33 percent this year and almost 50 percent since the election of President Trump in November
Apple has become the first US company to top $800 billion market capitalisation. The company was also the first to hit the $700 billion market capitalisation almost two years back when it announced its first big-screen smartphone in the form of the iPhone 6 Plus.
Apple, Alphabet, Microsoft, Amazon and Facebook are in a race to reach the $1 trillion market capitalisation mark. Apple's shares have gained 33 percent this year and almost 50 percent since the election of President Trump in November. "The company represents about 4 percent of the $21.7 trillion that makes up the entire S&P 500 index," Reuters reports.
Apple's share price are expected to set a new record when the company announces the anniversary edition iPhone this fall. The company is expected to hit the $1 trillion mark if it is able to deliver on a redesigned iPhone and announce a record profit for the quarter ending December 2017.
Apple is currently trading in the median price range of $160 and it closed at $153.99 on Tuesday. Reuters notes that at closing, it was valued at $802.8 billion, which is more than the economies of 45 of the 50 US states.
Apple's shares have taken a bullish stance since the revelation that Berkshire Hathaway's Warren Buffett, more than doubled his investment into the company in 2017. Buffett has reportedly raised his stake in the company to roughly $20 billion and CNBC quoted him as saying, "I can very easily determine the competitive position of Apple now and who's trying to chase them and how easy it is to chase them."
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