Apple’s market value tops $800bn for the first time
iPhone maker Apple, has hit a record high and became the first company in the world to reach $800m market worth
Apple is the first and only company in the US to top the $800bn mark in market capitalisation, despite the stall in sales of its latest iPhone.
It has been reported that the company's shares increased by 33% this year and by 50% since the US election. Furthermore, with Apple's predicted iPhone 8 release and if it continues to growth, it could become a $1tr company this year, according to analyst Drexel Hamilton.
Speaking to Reuters, Rick Meckler, president of LibertyView Capital Management in New Jersey, said: "It's just reflective of how powerful a franchise it is. It may be the most powerful franchise in the country today.
"Considering that it has a limited number of products, it has really dominated that market in a way that few companies have, and it's been able to retain margins despite lots of competitors."