Apple’s market cap briefly passed $3 trillion on Monday more than a year after it surpassed the $2 trillion mark and three years after eclipsing $1 trillion.
Apple’s huge success is due in large part to the iPhone, which revolutionized the smartphone industry and remains a cash cow for the company. But Apple continues to see strong momentum in its other businesses as well, with its services and Mac divisions reporting all-time highs in its Q4 2021 earnings.
Shortly after hitting the $3 trillion milestone at around 1:45PM ET, Apple’s market cap dipped below it again. Apple’s market cap must be above the $3 trillion mark when the market closes at 4PM ET for it to officially be designated as the first publicly-traded company with that valuation, and it ended below $3 trillion on Monday.
Apple isn’t the only company in the trillion-dollar club; Amazon, Google parent company Alphabet, Microsoft, and Tesla all have market caps exceeding $1 trillion. (Facebook parent company Meta breached the $1 trillion milestone in June but is currently sitting below it.) In recent years, Apple has also jostled with others for the crown of the world’s most valuable publicly traded company. It passed Saudi Aramco in July 2020, though it was overtaken for a time by Microsoft in October.
Update January 3rd, 4:36PM ET: Apple’s market cap ended the day below $3 trillion.