Tim Cook writes to employees on Apple's $1 trillion valuation

Tim Cook writes to employees on Apple's $1 trillion valuation

Tim Cook writes to employees on Apple's $1 trillion valuation

Average analyst price targets put Apple's stock market value at $1.05 trillion, Amazon at $1.02 trillion, Alphabet at $970 billion and Microsoft at $953 billion, according to Thomson Reuters data.

SAN FRANCISCO Amazon, Microsoft and Alphabet are locked in a tight race to become the second publicly-listed US company to reach a $1 trillion stock market value after Apple became the first to touch the 13-digit milestone.

He further gave credited Apple co-founder Steve Jobs for the company's fortunes today.

"Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values", Cook wrote.

The boost is largely attributed to the US firm's stronger-than-expected second quarter earnings report.

Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple's rise.

Now, the non-hardware services category is fueling Apple's continued growth.

Apple's fast-growing services business -which includes Apple Music, iCloud, and the App Store - as well as strong hints that a new iPhone launch is in the cards for the coming months, appears to have bolstered investor confidence.

We'll obviously know more about Apple's plans when it decides to share them with us next month, but with more and more information starting to find its way into the public domain it's looking increasingly unlikely that there will be too many surprises come announcement day. In 2007, Chinese government-controlled PetroChina briefly reached a stock market value of about $1.1 trillion following its public listing in Shanghai.

Mega-cap tech giants like Amazon, Microsoft, and Google's parent, Alphabet, were also in the race to $1 trillion, but none could beat Apple in the end. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest US company by market value.

"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 they can change the world are the ones who do", Cook wrote, adding, "Just as Steve always did in moments like this, we should all look forward to Apple's bright future and the great work we'll do together".

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