Apple Inc. has become the first U.S.-based company to reach a market value of $1 trillion USD. As Bloomberg puts it, the milestone comes “four decades after it was co-founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and mobile communications.”
The consumer technology giant crossed the trillion-dollar mark at 11.48 a.m. in New York trading Thursday. The stock price milestone is a testament to Tim Cook’s leadership, the strength of the Apple brand and the legacy of Jobs, who died in 2011.
In a memo to employees obtained by Reuters, Cook called the valuation a “significant milestone” that gave Apple “much to be proud of” but cautioned that it should not be the brand’s focus.
While Apple can claim a U.S. record, it’s not the first company to reach a trillion-dollar market cap. PetroChina Co. crossed that valuation for one hot moment in late 2007, but quickly slipped as oil prices collapsed in the financial crisis.
Other tech giants are close on Apple’s heels, with Amazon, Alphabet and Microsoft all worth more than $800 billion each.
Looking ahead, Apple—which also slipped to third place (after Samsung and Huawei) for global iPhone sales—aims to boost its brand with more premium services and connect its users to subscriptions, exclusive content, car partnerships and other ways to increase activity, loyalty and opportunities for growth.
More on the trillion-dollar milestone below: