Apple's (AAPL) - Get Report market cap is surprisingly only 40% away or so from reaching $1 trillion. Don't laugh, the milestone could very well happen. 

Shares of the tech giant have been on a tear lately amid expectations for a blowout iPhone 8 unveiling, which is expected later this year. Also helping power the stock was a solid holiday quarter and expectations around President Trump enacting a tax holiday, which would be great for Apple as it holds more than $246 billion in cash overseas. Some of that repatriated cash could be used for sweeter dividends and stock buybacks.  

But as myself and TheStreet's Scott Gamm discussed on Friday, several things need to happen before Apple's market cap can reach $1 trillion. For your notes, Alphabet's (GOOGL) - Get Report market cap stands at roughly $576 billion, more than Facebook's (FB) - Get Report  ($385 billion) and Amazon's (AMZN) - Get Report  ($403 billion).

Apple, Alphabet and Facebook are holdings in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL, GOOGL or FB? Learn more now.

Editors' pick: Originally published Feb. 17.