And just like that, Apple did it.
Apple reached a $2 trillion market capitalization Wednesday in intraday trading, though the stock closed below the record benchmark along with the broader market.
The stock has gained around 59% in 2020 compared to a 5% increase in the S&P 500. It has doubled since September 2019 when it was the first company to reach a $1 trillion market cap.
TheStreet’s senior tech columnist Eric Jhonsa attributed Apple’s gains to the broader push higher among tech stocks as well as changing investor sentiment toward the stock and a strong slate of consumer products.
Jim Cramer attributes those consumer products to the mind of Apple CEO Tim Cook. “Tim Cook is about the customer… he listens and that’s why we have the Watch, he listens and that’s why we have the AirPods, he listens and that’s why we subscribe to Apple Music,” Cramer told TheStreet’s Katherine Ross when reacting to Apple crossing $2 trillion live.
Now the psychological barrier has been breached, two questions dominate Wall Street now. Which company will hit $2 trillion next and just as importantly, what’s next for Apple?
TheStreet’s Apple Maven and founder and portfolio manager of DM Martins Capital Management LLC Daniel Martins said there are strong bull and bear cases for Apple’s next steps, but history may have the answer.
Catch Martins' full take in the video above and head to Apple Maven to watch his full breakdown of Apple’s latest milestone.