Apple’s value soars to a record $2 trillion

Enlarge / Apple CEO Tim Cook looks on as the iPhone X goes on sale at an Apple Store on November 3, 2017 in Palo Alto, California. (credit: Justin Sullivan/Getty Images)

Apple's market capitalization hit $2 trillion on Wednesday, making Apple the first company outside Saudi Arabia to reach that milestone. Saudi Arabia's state-owned oil company, Saudi Aramco, was briefly valued at $2 trillion last December, but Apple surpassed its value last month.

The new milestone comes just two years after Apple first reached a market capitalization of $1 trillion. It's particularly remarkable because Apple market capitalization was below $1 trillion as recently as March, when fears of a coronavirus-induced recession were battering stocks across the board.

But while the coronavirus has created economic hardship for many companies and workers, it's been a boon to Apple and other big technology firms. Unable to spend cash on experiences like dining out or going on vacation, consumers who still have jobs have splurged on digital gadgets instead.

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