Apple’s Cyber Security Flaws Didn’t Stop It Reaching $3 Trillion
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Last year Apple issued emergency software updates for a critical vulnerability in its products after security researchers uncovered a flaw that allows highly invasive spyware from Israel's NSO Group to infect anyone's iPhone, iPad, Apple Watch or Mac computer without so much as a click.
Indeed, Apple has had very serious problem undermining iPhone’s security and privacy credentials. It turns out that what happens on your iPhone, doesn’t always stay on your iPhone.
The discovery means that more than 1.65 billion Apple products in use worldwide have been vulnerable to NSO’s spyware since at least March. And yet, Apple has now become the first company to hit a stock market valuation of $3tn (£2.2tn).
The US technology giant's share price has risen by around 5,800% since co-founder and former chief executive Steve Jobs unveiled the first iPhone in 2007. Apple was also was the first US company to hit $2 trillion in August 2020, during the Covid-19 pandemic that stoked demand for personal electronics and digital services, such as Apple's streaming and smartphone app store.
Investors are expecting the iPhone maker to continue to thrive after stellar pandemic growth, with customers eager to continue to purchase products such as MacBooks. The company is also eyeing new markets including automated cars and virtual reality, in addition to its staunch existing portfolio.
A pandemic-era surge in tech stocks has driven the major US tech companies to new highs, pulling US stock markets with them.
In China, the world's largest smartphone market, Apple continued to lead for the second straight month, beating rivals such as Vivo and Xiaomi, recent data from CounterPoint Research showed. "Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong," one fincial analyst said.
The iPhone typically accounts for around half of the company's sales, while it is also well-known for its iPad tablets and Mac computers.
Increasingly important parts of the business are software, sold through the Apple store, storage space via the iCloud and services such as its music, television and fitness subscription platforms. In August, Apple's chief executive Tim Cook received more than five million shares in the firm, although a A company filing with the US Securities and Exchange Commission showed that he sold most of the shares for more than $750m.
Cupertino, California-based Apple was founded in 1976 by Steve Jobs and his business partners Steve Wozniak and Ronald Wayne.The company made its stock market debut in 1980 with a market valuation of $1.8bn. In November, the original Apple computer built by Mr Wozniak and Mr Jobs fetched $400,000 at auction in the US.
Apple is now more valuable than the combined values of Boeing, Coca-Cola, Disney, Exxon-Mobil, McDonald’s, Netflix and Walmart.
Apple shares have risen 38% since the beginning of 2021, one of the largest gains on the Dow Jones industrial average stock market index. Apple shared the $2 trillion market value club with Microsoft Corp, which is now worth about $2.5 trillion.
In comparison, Alphabet, Amazon and Tesla Inc have market values above $1 trillion, while Saudi Arabian Oil Co is valued at about $1.9 trillion.
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