This week on The CultCast: It’s a battle of the titans! Fortnite developer Epic Games takes Apple to court over its App Store policies, and the dev just might get its way. Plus: Apple and its stock hit another astonishing milestone; Jon Prosser was right — Apple has begun rebranding Beats; and Apple TV+ finally makes the move we’ve been waiting for: bundling premium channels for one low price.
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Apple became the first company to ever reach a $1 trillion market cap on Wednesday as its share price soared to $207.39. But according to CEO Tim Cook, this is “not the most important measure of our success.”
In an email to Apple employees, Cook says that financial returns are simply the result of innovation — and that it’s the team behind them that really makes Apple so spectacular.
Apple has pretty much clung onto its title of world’s most valuable company since early in Tim Cook’s reign at the top. However, it may not hold that claim for too much longer if Amazon CEO Jeff Bezos has much to say about it!
Amazon shares rose 7.1 percent for a record high in premarket trading today, following the company’s massive Q1 earnings. That narrows Apple’s market cap lead to less than $50 billion.
Apple’s share price has steadily been falling for some time now, and earlier this week it dipped below $400 a share for the second time this year. Meanwhile, Google’s has been on the rise. As a result, if you take away all the cash the two companies have sat in the bank and just look at their enterprise value, then Google is worth more than Apple for the first time ever.
You’re probably going to see a lot of stories like this in the coming weeks. Apple stock opened at a record $680 a share this morning, on the first day of trading following the Cupertino company’s massive victory over Samsung on Friday. This surpasses its previous record of $674.88 a share, which was hit last Tuesday, August 21, and it pushes Apple’s market capitalization to a new high of $637 billion.
Last week, analyst Andy Zaky revealed that investors are scrambling to plough their money into Apple before the company releases its iPhone 5, and that its stock price will continue to rise for the foreseeable future. And unsurprisingly, Zaky was right. Apple stock hit an all-time high of $636.64 last Friday, but that’s nothing compared to today’s price of $660.73, which makes Apple the most valuable publicly-traded stock of all time.