Every US Valuation Milestone Since 1781, Including Apple's Rise to $1T

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Today, Apple's dominance of the financial world has reached a new milestone-the company has now topped $1 trillion in market capitalization, the collective value of all its shares of stock.

As with other landmarks - such as the Dow crossing 25,000 points for the first time - the Apple record is significant because of its resonance beyond the financial universe.

In 2007, Chinese government-controlled PetroChina 601857.SS briefly reached a stock market value of about $1.1 trillion following its public listing in Shanghai.

Cook's comments come after a stellar fiscal third quarter - the best in the company's history - in which Apple posted a revenue of $53.3 billion and net income of $11.5 billion. Apple also forecast a strong fourth quarter, posting a revenue guidance of between $60 and $62 billion.

"That's a reasonable level so I don't feel there's any risk that people will say its trading at a $1 trillion let's put the brakes on this".

To be sure, past stock gains are not a reliable predictor of future performance, and the surge in Amazon shares in recent years has been exceptional by most standards.

When it comes to the almost $1,000 iPhone X, Walkley notes that Apple is taking share from its primary premium-tier competitor Samsung.

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Virtual assistant Siri is built into Apple devices, and the company boasts the most popular smart watch on the market.

Apple Chief Executive Tim Cook has a trillion reasons to smile.

Apple began in the garage of co-founder Steve Jobs more than 40 years ago.

"The markets are starting to recognize the value of its platform and services more and more, and that's what is being reflected in the increase in market capitalization", said Brad Neuman, director of Market Strategy at Alger, a growth equity asset management firm in New York City.

All of these products and more have helped Apple get to where it is today the world's leading company, a position that Apple will need to fight to keep against increasingly tough competition.

"This is a company that should be valued as a services business instead of a discreet product business, which is, as long as I can remember, how this company has been valued", he said in an interview Friday.

With a "market cap" of $884.01 billion, Amazon is Apple's closest rival; Google parent Alphabet trails Bezos' technology and retail giant with a market cap of $854.86 billion.