Apple closes in on $1 trillion market cap

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Big pile of cash underneath an Apple logo.
Warren Buffet wants to buy 100% of Apple.
Photo: Ste Smith/Cult of Mac

The race to become the world’s first $1 trillion company is nearly complete with Apple share prices soaring on the stock market today.

Trading of AAPL stock hit 187.60 per share during the morning trading hours today, putting the company just $55 billion under the coveted $1 trillion market cap mark.

Apple share received a big boost after the company’s better-than-expected second quarter earnings report at the beginning of the month. Analysts predicted for months that iPhone sales were slipping, but Apple surprised investors with 52.5 million iPhones sold.

Apple’s stock price closed at $185.16 today. Shares briefly hit a high of $187.38 with a $945 billion market cap. The company’s value slipped down to $904.4 billion by the end of the trading day.

Mega-investor Warren Buffet is one of the other reasons Apple stock is booming. His company Berkshire Hathaway bought more Apple shares during the first half of 2018 and the stock now comprises nearly a quarter of its portfolio.

During an interview, Buffet said he would buy all of Apple’s stock at its current price if he could.

“I clearly like Apple. We buy them to hold,” Buffett said on CNBC. “We bought about 5 percent of the company. I’d love to own 100 percent of it. … We like very much the economics of their activities. We like very much the management and the way they think.”

If you’ve been debating buying Apple shares, you better get some before Warren scoops them all up.