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Apple just hit a $1 trillion market cap

Apple hit a $1 trillion market cap on Thursday, making the iPhone maker the first publicly traded U.S. company to reach the record valuation.

The stock rose nearly 3 percent following a strong third-quarter earnings report earlier this week, briefly hitting a session high of $207.05 in midday trading before falling back below $207. 

Based on a recently adjusted outstanding share count of 4,829,926,000 shares, a stock price of $207.05 or greater would have nudged Apple over the finish line in the race to one trillion. Investors had previously been looking for a share price of $203.45, but the company's hefty stock buybacks moved the threshold higher.

Amazon had also been fast approaching the threshold, surpassing $900 billion in market value in July. Apple had quite the head start, though, hitting $900 billion back in November.

Many on Wall Street noted earlier this week Apple was firmly on the path to $1 trillion. 


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