Apple shares gain $55 billion after glowing quarterly report

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money
Apple share price increased more than a dollar or two following a very strong quarterly earnings report.
Photo: Ste Smith/Cult of Mac

Investors rushed to buy Apple stock today, pushing the share price up almost 6 percent. That added a whopping $55 billion to the company’s market capitalization.

Apple is still a bit short of the much-hyped $1 trillion valuation, but moved noticeably closer today.

Amazon is closing in on Apple to hit $1 trillion valuation

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Apple is worth more than the entire US energy sector combined
Apple's position as first $1 trillion valuation is no longer guaranteed.
Photo: Ste Smith/Cult of Mac

As the first company in history to pass the $700, $800, and $900 billion marks, Apple has long looked set to become the world’s first ever $1 trillion company. But Amazon is rapidly closing in on it.

This week, Amazon’s stock market value reached $900 billion for the first time. That puts it within spitting distance of the Cupertino tech giant’s current $935 billion. In 2018, Apple’s shares have risen 12 percent, while Amazon’s have shot up dramatically to the tune of 57 percent.

Amazon may beat Apple to become first $1 trillion company

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$1 trillion value
Apple is heading toward a $1 trillion market cap. But could Amazon get there first?
Photo: Pierre Marcel/Flickr CC

Apple’s market value will eventually top $1 trillion, but Amazon is evolving more and more as if it will get there first.

The gap has rapidly narrowed between the two company’s market values. Apple, always believed to be the first company to reach $1 trillion started out the year with stock valued 50 percent higher than Amazon’s.

That gap is now just 10 percent.