(JustPatriots.com)- United States tech company Apple has hit an incredible $2 trillion valuation, which makes it bigger than the entire GDP of Canada. According to the World Bank, Canada’s Gross Domestic Product was 1.713 trillion USD in 2018, and now the company that created the iPhone has surpassed the $2 trillion mark.
It seems like only yesterday we were shocked by Apple’s $1 trillion valuation!
The news comes as Apple shifts its focus away from being primarily a hardware and software company, to a services company. Apple has enjoyed great success after the launch of its iPhone smartphone in 2007, and since then has begun building services around Apple’s own ecosystem. Chances are if you’re an iPhone user, you’re paying for other Apple services.
The $2 trillion valuation came on Wednesday after early stock market trading showed shares with a value of over $467.77. The stock then quickly shot down to $462.83, but it wasn’t a significant enough drop to strip the company of the prestige of this important milestone. Apple was the first American company to reach a $1 trillion market value, and appears to be growing even as the national economy suffers the effects of lockdown.
Other tech and software companies like Facebook, Google, Amazon, and Microsoft, have all performed extremely well throughout lockdown, too. As people are stuck at home consuming online media and using technology to communicate with colleagues, employees, and customers, the valuation of many American tech companies has shot up.
Apple’s stock alone has increased by 58% in 2020. Google’s parent company Alphabet, along with Amazon, Facebook, Google, Apple, and Microsoft all make up almost a quarter of the entire value of the S&P 500. Isn’t that incredible?
At a time when American jobs and industries are more important than ever, this is great news. It also means, however, that President Donald Trump has a huge job on his hands to make sure that these American companies respect freedom of speech and stop banning conservatives from their platforms. If he can achieve that, this growth will only be good for America.