Watch Jim Cramer React to Apple $2 Trillion in Real-Time

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It's official. Apple is the first U.S. company to surpass a $2 trillion market cap. 

As of July 31, Apple passed oil titan Saudi Aramco for No. 1 market cap in the world.

Over the past year, Apple is up nearly 120%. 

Wedbush Securities' Dan Ives, who is a longtime Apple bull, boosted his price target to $515 a share just last week, $35 higher than his prior estimate and the highest on Wall Street.

He argued that the market is underestimating the buildup in consumer demand for Apple’s next product cycle, which he expects to consist entirely of 5G-compatible devices.

"While the soft macro and COVID backdrop are weighing on near-term consumer demand trends, Apple has a ‘once in a decade’ opportunity over the next 12 to 18 months, as we estimate roughly 350 million of Cupertino's 950 million iPhones worldwide are in the window of an upgrade opportunity," Ives wrote.

And Deutsche Bank analyst Jeriel Ong also raised his price target last week by $40 to $480 a share, calling Apple "one of the highest quality stocks in our coverage."

How was Apple able to reach such an accolade amid a global pandemic? 

Jim Cramer attributes it all to Tim Cook and his knowledge of what customers want. 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here. 

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