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With so many more people working from home, the need for electronics has never been greater. This concept reverberated through the stock market Wednesday as tech giant Apple briefly reached a value of just over $2 trillion.
The only other company to be valued that high was Saudi Aramco, an oil company that topped that mark last December, but plunging oil prices have hurt the company’s stock. Conversely, trust in Apple’s stronghold in the tech market raised its value—just two years ago, Apple’s stock was valued at $1 trillion and has now doubled it after reporting strong earnings.
According to news reports, Apple’s shares have surged almost 60% this year and are at an all-time high, currently trading at nearly $470 a share. The company’s stock will split four-for-one at the end of the month, which will cut the price of a single share to about $117.
The news comes as Apple looks to diversify its production facilities among its offerings, including iPhones, iPads, and AirPods.