Apple on cusp of $2 trillion milestone, defying pandemic

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Apple is on the verge of becoming the first $2 trillion American company following a gravity-defying surge that has highlighted the value of its iPhone ecosystem during the global pandemic.

Shares in Apple have roughly doubled from March lows, an astonishing performance which has lifted chief executive Tim Cook's net worth to $1 billion for the first time, according to a Bloomberg Billionaires Index calculation.

Even as other large tech firms have shot higher on robust demand during lockdowns, Apple has outpaced its rivals by delivering strong sales of gadgetry including wearables and tablets, along with new apps and services which have gained ground during the global health crisis. "Apple entered the pandemic strong and the company's products are an even more foundational part our lives today as we work, live, and play from home," said Gene Munster of Loup Ventures in a research note.

Cook"deserves a tremendous amount of credit because Steve Jobs was a hard act to follow," Greengart said.

 

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