Apple just became the first $1 trillion public company

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Apple becomes world's first trillion dollar company

Apple hit the US$1 trillion milestone in the wake of a new USA tax law that's been a boon for shareholders.

Apple's stock market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble, and AT&T. The company's various services such as Apple Music, iCloud and Apple Pay now represent $9.6 billion in revenue.

But given Apple's fundamentals and its reasonable valuation, the trillion-dollar market cap looks a lot more like a milestone than it does a wall.

Apple was founded in a Silicon Valley garage by college dropouts Steve Jobs and Steve Wozniak and their friend Ronald Wayne in 1976.

Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.

Apple also boasts the most popular smart watch on the market.

Robert Galbraith / Reuters Apple CEO Steve Jobs gestures during his unveiling of the iPhone 4 in San Francisco, Calif., June 7, 2010.

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That has raised concerns that Apple has become far too dependent on the iPhone, especially since iPad sales tapered off several years ago. On Thursday, it was worth about $875 billion while Google's parent company Alphabet was worth about $850 billion. They recently posted their Q2 results and they managed to achieve their highest ever quarterly profit and analysts think they will be joining Apple soon- in the event that there is no catatsrophe in their camp in the short term of course.

The trillion dollar trophy can only bring more scrutiny and even higher expectations.

Apple had also come under fire as it accumulated more than $250 billion in taxes in overseas accounts, triggering accusations of tax dodging.

In 2015, the investor Carl Icahn wrote that Apple's rising R&D spending "should signal to investors that Apple plans to aggressively pursue" growth opportunities.

It is a market development that has been in the pipeline for well over a year.

But the phenomenal success of the iPhone led competitors to mirror certain features like touch-screens featuring rows of colorful icons - and prompted Apple to pursue those competitors in court. They probably wouldn't have been possible without Apple's partnerships with manufacturers in China, which have allowed the company to make billions of devices while keeping tight control over its products and making them affordable for consumers.

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