Apple is the first U.S. company worth $1 trillion

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The iPhone-maker's shares struck an all-time high of $207.05 during trading in NY, pushing its market capitalisation past the landmark trillion-dollar level to $1.02 trillion.

Other tech giants have been approaching $1 trillion in market cap, but still lag behind Apple.

The Silicon Valley stalwart's stock has surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-per-cent increase during the same nearly four decades.

This makes Apple worth more than the economies of countries such as Saudi Arabia, Switzerland and Taiwan.

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's Chief Executive Officer Tim Cook, in a call with investors, touted the company's growth in sectors such as smart home products, wearables and services such as the App Store and Apple Pay, National Public Radio reported. "A clean beat on the path to $1 trillion".

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Apple's stock has risen more than 50,000% since it first listed in 1980. Also propelling Apple higher in recent months was Apple's announcement that it earmarked US$100 billion for a new share repurchase programme.

In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism's most exclusive clubs.

The race to a $1 trillion market cap - symbolic as it is - has been closely watched on Wall Street.

Amazon, Google owner Alphabet and Microsoft have all rallied to near record highs this year, too. Analysts have said Apple needs a new smartphone to keep up the good sales, but the company passed the $1 trillion mark because of strong sales of the iPhone 8 and X in China and Japan.

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