Apple becomes 1st private company worth $1 trillion

Although many have doubted Apple's staying power over the years, unlike many hardware makers the company has ridden the elegance and functionality of its devices.

The tech company, launched in 1976 in a Los Altos garage, revolutionized personal computing - popularizing experimental technologies developed in the Xerox Parc research labs, such as the mouse and graphical user interface. By a year ago, its sales had grown more than 11-fold to US$229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to US$48.4 billion, making it the most profitable publicly-listed USA company. "A clean beat on the path to $1 trillion". Jim Cramer, for example, recently argued that Apple shares could start approaching $300.

"We still see upside from it, and as new money gets deposited we continue to buy, preferably on the dip", Carbone said.

The rise is even more astonishing - 50,000% - since the company first listed in 1980.

Shares surged after Apple reported earnings that topped forecasts and a healthy outlook on Wednesday.

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Wall Street loved it. Apple climbed almost 9 percent since the earnings report.

That would put Apple's stock market value at $973 billion, based on its newly disclosed number of shares.

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

Apple's market milestone represents a remarkable turnaround for a company that was teetering on the brink of bankruptcy in the late 1990s, just before the return of visionary co-founder Steve Jobs. It is now worth about US$200 billion, according to Thomson Reuters data.

The race to a $1 trillion market cap - symbolic as it is - has been closely watched on Wall Street. Amazon is valued at $870 billion, Google-parent Alphabet has a market valuation of $850 million and Microsoft's market cap is at just under $815 billion.

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