Apple (AAPL): $1 Trillion Is Just the Beginning

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Technology stocks pushed the S&P 500 and Nasdaq higher on Thursday, driven by Apple shares as the iPhone maker became the first publicly traded USA company worth a trillion dollars.

Apple has become the first publicly traded company to be worth $1 trillion.

The share price jumped by more than 8 percent this week after Apple reported impressive quarterly earnings on Tuesday, driven largely by strong sales for high-price iPhones. Since 1980, IBM, Exxon Mobil, General Electric and Microsoft have also alternated as the largest publicly listed US company.

Tim Cook faced scepticism when he took over as chief executive in 2011 from ailing iconic co-founder Steve Jobs.

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Launched on a shoestring budget in a Silicon Valley garage more than four decades ago, Apple survived a near-miss with bankruptcy before soaring to a trillion-dollar market value on Thursday.

Buffett is right. Apple reported US$68 billion in profit before taxes and non-operating items in the a year ago.

Gold prices inched downward after Fed's upbeat assessment of the economy on Wednesday to the lowest price in more than a year as the dollar, which typically has an inverse relationship with gold, rose.

Although many have doubted Apple's staying power over the years, unlike many hardware makers the company has ridden the elegance and functionality of its devices.

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Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30. Those changes are giving Apple a fundamentally different financial look, and investors haven't yet been forced to confront how much this altered Apple should be worth.

Heck, Amazon.com (AMZN, $877 billion), Google parent Alphabet (GOOGL, $852 billion) and Microsoft (MSFT, $825 billion) aren't all that far behind the vaunted trillion-dollar level.

Last month, an ex-Apple engineer was charged with stealing trade secrets from a hush-hush self-driving vehicle technology project days before he quit to go to a Chinese start-up.

Robert Galbraith / Reuters Apple CEO Steve Jobs gestures during his unveiling of the iPhone 4 in San Francisco, Calif., June 7, 2010. Cook insisted what Apple was doing was legal and in the best interest of shareholders, given the offshore money would have been subjected to a 35 percent tax rate had if it were brought back to the U.S.

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