Apple becomes first US company to cross $2 trillion in market value

Apple Inc became the first publicly listed US company with a $2 trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem in favor of bets it will only prosper more in the post-coronavirus world.

Shares in the company have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world’s most valuable listed company, up about 57% in value so far in 2020.

The moves reflect growing investor confidence in Apple’s shift towards relying less on sales of iPhones and other gadgets and more on services for its users, as well as a broad shift by big institutional investors during the coronavirus crisis.