Apple is on its way to becoming the world's first trillion-dollar company, supported by kind words from investor Warren Buffett and Microsoft cofounder Bill Gates.
Apple On Track To Be First Company Worth $1 Trillion
On May 7, Apple surpassed $185 per share for the first time since 2014, reaching as high as over $187 per share. While media reports have placed different values on Apple, the company is generally accepted to be worth more than $900 million.
According to Recode, Apple reached a value of $945 million, which is an all-time high for the company and the closest that it has come to a value of $1 trillion.
Three other tech companies occupy the second to fourth places in terms of market valuation, but none comes close to how much Apple is worth. Amazon is valued at $773 billion, Microsoft at $732 billion, and Alphabet at $719 billion.
Amazon probably has the best chance at catching up to the market value of Apple and possibly even beating it to $1 trillion. However, the performance of the iPhone X and support from big names in business will make it very hard for Apple's rivals.
Warren Buffett, Bill Gates On Apple
The iPhone X was the best-selling smartphone in the first quarter worldwide, hushing critics of the device and underlying strong quarterly earnings for Apple. The company's stock price surge, however, also received a boost from Warren Buffett and Bill Gates.
Buffett, through his investment company Berkshire Hathaway, purchased 75 million Apple shares in the first quarter. This gives Berkshire ownership of about 241.7 million Apple shares, which is equivalent to an about 5 percent stake in the company.
However, in an interview with CNBC, Buffett said that he would not mind owning a bigger share of Apple and perhaps even more.
"I'd love to own 100 percent of it!" said Buffett, who praised Apple's economics and the way that its management thinks.
Gates, meanwhile, supported Buffett's view on Apple, adding that it is an "amazing" company that has the best position among the world's top tech companies in terms of making strong profits.
If a company has the support of both Warren Buffett and Bill Gates, then you can be sure that it is doing something right. That holds true for Apple, which will likely soon be known as the first trillion-dollar company in history.