NEW YORK, Jan 4 ― Apple became the first US company to hit US$3 trillion in market value, briefly reaching the landmark yesterday in the latest demonstration of the tech industry's pandemic surge.
While the top tier of US stock markets are dominated by Silicon Valley companies, Microsoft is the only other American company worth more than US$2 trillion. But as with many other tech giants, Apple has seen pressures in recent months due to supply chain problems, including a global shortage of semiconductors and Covid-related manufacturing disruptions in Southeast Asia.
But increasingly smartphones are also crucial gateways to services revenue, an increasingly pivotal component of Apple's prowess. Revenues for services, which includes the Apple TV streaming product and the Apple Pay services have tripled over the last five years.
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