Apple Inc. set another stock market record today by becoming the first U.S. company to achieve a market capitalization of more than $2 trillion.

The iPhone maker reached the symbolic milestone this morning when its share price briefly hit $468.65, valuing it $2.004 trillion. That’s more than double what Apple was worth in 2018, when it became the first U.S. company to enter the $1 trillion club.

Apple’s share price has climbed about 57% this year alone thanks to surprising earnings resilience in the face of reduced consumer spending. In the third quarter, the iPhone maker delivered record profit and managed to beat Wall Street’s revenue estimates by more than $7 billion. Normally, Apple’s third quarter is relatively slow because consumers hold off on purchases to wait for the newest iPhones, which tend to debut in September or October.

The company’s expectation-beating earnings report is just one of the data points behind its latest stock market record. Another key factor is its fast-growing services business. In 2017, Chief Executive Officer Tim Cook (pictured) stated that he was aiming to double the revenue from the business by the end of 2020, a goal the company reached earlier this year several months ahead of schedule. Apple’s services revenue includes sales from apps such as Apple Music as well as certain other items such as iPhone warranties. 

Apple’s generous stock buyback program has also helped lift the value of its shares. The company recently increased its share repurchase program by $50 billion, to more than $90 billion, after increasing it by $75 million in 2019.

Apple can now boast of being the only U.S. company to have reached a $2 trillion market capitalization, but some of its fellow tech giants may not be too far behind.

Amazon.com Inc., Microsoft Corp. and Alphabet Inc. have all passed the $1 trillion valuation mark since Apple became the first to hit the milestone in 2018, with the first two companies now hovering around $1.6 trillion according to Reuters. Given that Amazon’s share price has climbed 80% so far this year and Microsoft is up about 34%, investors may have reason for optimism. 

Photo: Apple