In the midst of the pandemic, one company rises to the top. And that's Apple! On Wednesday, Aug. 19, the tech giant has surpassed its $1 trillion marks in just over two years. The company's value is now worth $2 trillion-- being the first company to reach this amount in history and breaking the United States record.
Apple wins against COVID-19 for up to $2 trillion
Today marks history in the U.S. stock market. The world-renowned tech giant Apple has successfully reached its $2 trillion marks.
According to CNN, the pandemic may have highly contributed to this success. Since the general people are stuck in their homes, most of them buy devices from Apple to do important stuff like office work or getting in touch with someone far away.
Gadgets like iPhone, iPad, Mac Book, or even Apple Watch have been more in-demand ever since the lockdown was implemented.
"Our products and services are very relevant to our customers' lives, and in some cases, even more during the pandemic than ever before," Luca Maestri, Apple's finance chief, said in an interview last month.
Other than that, Apple's shares also surge up to 60% this year. Its current trading is at nearly $470 per share, and it was said to be adjusted even lower to accommodate those young investors that want to put their money on the stock exchange.
Apple's peak in 2020 is perhaps one of the most historical things that ever happened to the company. As reported via The New York Times, it took Apple 42 years before it reached the $1 trillion worth. However, in 2020, the company only needs over two years to make it twice as big.
How this success may not be a good thing
Though it is good news for Apple to reach its target, Aswath Damodaran, a New York University finance professor who studies the stock market, said that pandemic has really caused tech giants to be more powerful. Even saying that, "This crisis has strengthened what was already a strong hand."
After all, it is still pandemic, and people are starving all over the world.
$2 trillion is also the U.S. fund for stimulus package
Ironically, the cost of the pandemic in America is also the same worth of Apple today.
In March, President Donald Trump signed the largest worth of emergency aid package in U.S. history, and it was called the 'stimulus package.'
This fund is worth exactly $2 trillion. So far, the money is now being sent to the people in need during the pandemic, especially those who lose their jobs since the lockdown was implemented.
ALSO READ: Analyst Predicts Apple to Announce Year End Launch of Arm-based iMac, 13-inch MacBook Pro at WWDC 2020
This article is owned by Tech Times
Written by Jamie Pancho