Apple has become the first company in the U.S to Hit a $2 Trillion Market Capitalization.

On Wednesday, Apple hit a market cap of $2 trillion, this is double their initial valuation which was at $1 trillion in just two years after its first major hit which took over thirty years to be achieved.

Apple has now become the first publicly-traded company to hit a market cap of $2 trillion. It was as well the first to reach a $1 trillion valuation on August 2, 2018, before other tech companies like Alphabet, Amazon, and Microsoft followed suit to hit the $1 trillion market cap.

Despite the current coronavirus pandemic which has plagued a lot of economies and businesses, pushing some companies to file for bankruptcy, with Apple initially falling below the mark on March 23, with coronavirus concerns. In less than five months, Apple has doubled its market capitalization.

Apple shares are over 60% to date, pushing relentlessly even with the pandemic. As its shares have also risen more than 120%.

As stores were shut down and business activities which required physical sales, there were fears, as to what that would cost the sale of the company’s hardware, but it seems like the pandemic has been favorable for big tech companies.

The company hit a $2 trillion milestone when its shares moved up 1.2% to $467.78 in trading on Wednesday morning. Apple, the makers of iPhones, Mac Computers, and Apple watches on July 31, topped Saudi Aramco to become the world’s most valuable publicly-traded company.

Hitting a $2 trillion milestone will further strengthen its stay at the top, while other companies work to hit this milestone like Apple.

Apple recorded a strong third quarter in July with revenue at $59.7 billion and also a double-digit growth in its products and services. Despite the retails store closure, Apple revealed that the work-from-home trends and strong online sales were a boost to its overall operations.

As the stocks of Apple are soaring higher as well as other tech giants like Amazon, Alphabet, Microsoft, and Facebook, it has pushed the S&P 500 to hit a record high on Tuesday.

The five companies have grown by almost $3 trillion since March 23, which is similar to the same growth as the S&P 500’s next 50 most valuable companies combined which includes, Disney, Walmart, and Berkshire Hathaway, according to S&P Global which is a market analysis firm.

As investors are now running to invest in big tech companies, Aswath Damodaran who is a New York University finance professor said “It’s become the new flight to safety… Companies that are rich, flexible, and digital are benefiting in the pandemic, and that describes the tech Goliaths,” stating also that “This crisis has strengthened what was already a strong hand.”

Even with the current examination of its App store practices, the shares of Apple have continued to soar higher.

This most recent height by Apple has shown that the CEO, Tim Cook has done so much to bring a lot of positive changes to the company in the last few years.