After Apple's best June quarter ever, the company also projected a very successful Q4 in terms of earnings. The story of Apple is really the story of modern capitalism doing what it does best: turning imagination into reality.
The achievement seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1, on a split-adjusted basis., and its market value dropping below $2 billion. It now accounts for 4 percent of the S&P 500.
Apple has become the first trillion dollar company today after its stock price soared on the back of excellent financial results.
Canada's entire gross domestic product (GDP) is valued at about 1.7 trillion dollars right now.
During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.
The company on Tuesday reported second-quarter earnings that topped Wall Street's expectations, sending shares surging by more than 5% into Wednesday.
The company also boosted its revenue from services, including Apple Music and the app store.
"We still see upside from it, and as new money gets deposited we continue to buy, preferably on the dip", Carbone said.
Stock markets are volatile, and a small but growing threat from Chinese smartphone makers might eat into Apple's margins in the coming years. Its new all-time high is $208.38 (₱11,079.46).
But Cook has capitalized on the continuing popularity of the iPhone and other products invented under Jobs' reign to sell services tailored for the more than 1.3 billion devices now powered by the company's software.
Perhaps there's some truth in that, but the fact is that Apple continues to refine its products in ways that customers like, while largely treating those customers with respect.
Twitter and Facebook both experienced share price drops last week amid slowing user growth. If the stock price experiences a lot of correction due to market instability, Apple could easily lose its high valuation. Since 1980, IBM Corp IBM.N , Exxon Mobil XOM.N , General Electric Co GE.N and Microsoft have also alternated as the largest publicly listed US company. Although Apple is the first to do so, Google's parent company Alphabet, Microsoft, and Amazon all have genuine chances at reaching a $1 trillion market capitalization. It was inspired by this interesting post by Global Financial Data, which is worth reading in its own right.
"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think that they can change the world are the ones who do", he wrote.