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Opinion
Tae Kim

Apple's Next Trillion Won't Come So Easily

The iPhone maker’s ascent to a record-breaking $2 trillion in market value is impressive. It faces a more uncertain road ahead.

Apple’s ascent is impressive, but its lofty valuation leaves little room for disappointment. 

Apple’s ascent is impressive, but its lofty valuation leaves little room for disappointment. 

Photographer: Michael Nagle/Bloomberg

Apple Inc. has done it again. On Wednesday, just two years after becoming the first U.S. company to boast a trillion-dollar market valuation, it became the first to top $2 trillion. Getting to the next trillion may not be such a breeze. 

With its shares up roughly 60% this year, Apple is among the Big Tech winners that have benefited from a “safety premium.” Investors have piled in to the iPhone maker’s shares as well as those of other technology darlings — including Amazon.com Inc., Facebook Inc. and Google parent Alphabet Inc. —  betting their business models, robust balance sheets and large cash balances would make them more resilient amid the economic fallout from the global Covid-19 pandemic.