On Wednesday, Apple's market cap crossed the $1 trillion mark when its shares hit $222 a share. On Thursday morning, Apple was trading 0.86% higher to $225.51 for a market cap of $1.019 billion.
Apple first crossed the $1 trillion market on Aug. 2, 2018 as enthusiasm for the FAANG stocks led the wider U.S. market higher. In October, however, concerns about interest rates slammed stocks, particularly tech stocks, and the iPhone maker dipped below the historic mark on Oct. 23, before rebounding and surpassing it again on Nov. 7.
But the end of the year saw big declines in tech stocks amid concerns about global economic growth, interest rates and prospects of a trade war with China, leading Apple to begin 2019 at a market cap of just $700 billion.
Apple recovered throughout early 2019, and touched $1 trillion once more on July 31 just after reporting better-than-expected quarterly revenues and earnings. But on August 5, President Trump threatened to impose new tariffs on goods imported from China, causing Apple's market cap to dip below $1 trillion once again.
Apple shares are now up 43% year-to-date and Apple's market cap could conceivably stay above $1 trillion for some time to come. While the average sell-side analyst price target is currently $219, several analysts value the tech giant's stock at $240, and two see the stock hitting $250. Investors are hoping to see Apple's services business becoming the majority of the company's revenue and earnings.