Apple just became the first $1 trillion public company

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• Apple is the first publicly-owned company to reach a $1 trillion market capitalization.
• The market cap is the company's total market value, calculated by multiplying the value of its stock times all shares outstanding.

Apple just became the first company to be worth $1 trillion on the public markets.

The milestone was crossed when Apple's stock hit $207.05 share, and comes just days after Apple reported its third quarter fiscal earnings. Those earnings beat Wall Street expectations on the top and bottom lines, but iPhone sales fell slightly short.

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

Meanwhile, rivals like Microsoft, Amazon, and Google parent company Alphabet also appear to be on the fast-track to $1 trillion, meaning that Apple will soon have company in this club.