Race is on for second place after Apple's $1 trillion valuation

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"While we have much to be proud of in this achievement, it's not the most important measure of our success", a spokesperson confirmed Cook to have written in the letter, with the latter asserting that the innovation and principles made Apple what it is today, reported CNN.

But Cook has gradually won accolades from investors by pumping out a series of solid financial results and further spreading Apple's products to China and other foreign markets.

Other companies have come close to the mark, but no public USA company has hit a $1 trillion valuation. Amazon had the second-largest USA market cap as of Wednesday, at roughly $872.5 billion. By past year, its sales had grown more than 11-fold to $229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly listed USA company. "We still see upside from it, and as new money gets deposited we continue to buy, preferably on the dip", Carbone said. Also propelling Apple higher in recent months was Apple's announcement that it earmarked $100 billion for a new share repurchase program.

Wall Street's optimism about last year's 10th anniversary iPhone, coupled with record share buybacks, have propelled Apple's stock 34 percent higher over the past 12 months, pushing the company's stock market value above $1 trillion on Thursday. As of about 1:37 PM ET on Thursday, Apple was trading at about $207.42 per share, a bit above the magic number of $207.05 that sent the stock's market capitalization over $1 trillion.

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Now, the non-hardware services category is fuelling Apple's continued growth.

Watch Apple trade in real time here. Adjusting for four stock splits over the years, Apple debuted on the stock market for the equivalent of 39 cents a share on December 12, 1980, compared with Thursday's high of $208.38. "It's one of those things that does not mean anything by itself.it's more a testimony of the importance of Apple on the market". It is now worth about $200 billion, according to Thomson Reuters data.

Amazon is now the second-largest publicly-listed USA company, with a market capitalization of $889 billion, followed closely by Alphabet and Microsoft, at $856 billion and $830 billion respectively.

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