Apple Reaches Another Milestone With $3 Trillion Valuation

For the third time in its history, Apple has reached another major milestone by becoming the first company worth $3 trillion, the most valuable in the world.

On Monday, Apple's market capitalization was estimated to crack the $3 trillion mark, surging past Microsoft to reclaim its throne atop the ranking of most valuable companies. Apple's market capitalization is greater than many of the world's other most profitable firms like Exxon, Goldman Sachs and Disney combined, and by significant margins.

Founded in 1976, the developer of the iPhone has been the envy of its competitors for its ability to constantly beat its own records. The milestone was reached in the face of the past two years of the COVID-19 pandemic cutting into sales and supply chains for its products.

Fueled by iPhone sales, Apple first became a $1 trillion company in August 2018 after 42 years of its existence. Two years later, Apple doubled this by earning a $2 trillion valuation. It has only taken 16 months and 15 days to add another trillion to its cap, according to The New York Times.

Despite pandemic-related issues, Apple's brand remains formidable and demand has remained strong. For a brief period, Microsoft leapfrogged over Apple in October when it hit a total market capitalization of $2.44 trillion, owing to the strength of its cloud computing services. But this lasted a little over two months before Apple snatched back its crown.

According to Wedbush analyst Daniel Ives, Apple is still likely seeing demand outstrip its own supplies and that leaves room for the company to grow even more into the year as these problems are resolved.

"We believe the pent-up demand story for Cupertino is still being underestimated by investors with chip issues a transitory issue in our opinion," Ives wrote in a memo seen by AppleInsider.