The milestone is coming just a year after the US tech giant breached the $2 trillion mark, after reaching a market cap of $1 trillion in 2018.
The company’s stock closed at $175.08 per share on Wednesday. Apple needs to reach $182.85 per share to hit the much-anticipated milestone.
Apple stock has soared nearly 30% in 2021 on top of an enormous growth of 80% last year. The company’s rivals, such as Microsoft, Amazon, Alphabet, and Tesla, have all gained between 10% and 70%.
“It’s a phenomenal achievement and highlights the incredible dominance of US tech firms,” Craig Erlam, senior market analyst at Oanda, told Bloomberg.
“And there’s so much still to come from Apple, which makes you wonder what milestone they’ll pass next and how big they can become,” the analyst added.
The California-based corporation briefly lost its title as the world’s most valuable private company to Microsoft earlier this year. The drop followed CEO Tim Cook’s comments on the pandemic-related supply chain burden and the current struggle to cope with global shortages of microchips and components to produce smartphones, laptops, and tablets.
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