Apple becomes the first company with a $1 trillion valuation

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Apple has become the world's first publicly traded company to be valued at US$1 trillion (NZ$1.48 trillion).

Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long.

Neowin mentioned a few days ago that Apple was likely to pass the $1 trillion threshold thanks to the huge $53.3 billion in revenues it made in the last quarter. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest US company by market value.

Apple is the first United States company to reach that lofty level.

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PetroChina, the world's fourth biggest oil company by revenue, was the first company to pass the $1tn mark in 2007.

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He took over after the death of founder Steve Jobs, who was identified with launching many of Apple's most iconic products, including the iPhone smartphone and the iPad tablet.

Before the release of the iPhone, Apple was reporting revenue of less than $20bn and profits of less than $2bn from the sale of its Mac personal computers in 2006.

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The rise is even more astonishing - 50,000% - since the company first listed in 1980. Based on that number, Apple's stock needed to reach $207.05 a share to be worth $1 trillion, which it did today. On Thursday, Amazon's market capitalization was around $874 billion.

The milestone comes a day after Apple reported blockbuster quarterly earnings.

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Mega-cap tech giants like Amazon, Microsoft, and Google's parent, Alphabet, were also in the race to $1 trillion, but none could beat Apple in the end.

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This year saw a slew of new Macbook Pro models, the Apple HomePod and rides on the tail of the late-2017 launch of the iPhone X.