Earlier Thursday morning, Apple's own Stocks app (which uses data from Yahoo Finance) incorrectly reported that the company's market cap was over $1 trillion because it didn't factor in the reduction in shares outstanding after Apple's $100 billion stock buyback announced on Tuesday (July 31). Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.
Apple's stock has risen more than 50,000% since it first listed in 1980 - far higher than the 2,000% increase for the S&P 500 over the same period.
The trillion-dollar ceiling has been broken.
When the iPhone was introduced in 2007 it kicked off a smartphone revolution, leaving the giants of the mobile phone industry Nokia and Blackberry struggling for survival.
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As the stock market has climbed up and up this year, technology companies have propelled the gains.
"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", said Tim Cook, Apple's CEO in the firm's statement. It is evident that the company branched into three new categories of products in the last eight years and while sales of Apple Watch and Beats products are increasing, Apple's corporate revenues are growing mainly because of higher iPhone selling prices, such as the iPhone X at $999.
The peak reached today seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1.
Analysts polled by Bloomberg have an average price target of $212.79, which would translate to a market cap of $1.05 trillion. Also propelling Apple higher in recent months was Apple's announcement that it earmarked $100 billion for a new share repurchase program. Jobs passed away in October, 2011.
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Some experts estimate the Saudi oil company could reach a total stock market value two times bigger than Apple's - at $2 trillion dollars.
The current price of a share in the company is about $207 dollars.
But there's no law against a company being worth more than $1 trillion. With the company pretty much taking over the world with the iPod and several subsequent revolutionary products, it's no surprise that they have just become the first publically-traded company to be valued at over $1 trillion.
Behind Apple are Amazon, Google parent Alphabet, Microsoft and Facebook.
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Cook has put a focus on digital content and services, positioningAppleto make money from music, movies, apps, subscriptions and more - all sold to the vast "install base" of people using devices made by the company.