Race is on for second place after Apple's $1 trillion valuation

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Even after breezing through this historic marker, the company is trading well below the inflated metrics of its peers and the market as a whole.

The record-breaking performance apparently prompted a memo from Apple CEO Tim Cook, which Buzzfeed News was able to get its hands on just hours after he sent it out to his employees. The company owes its success to a number of new and novel products that not only revolutionized the technology industry but, in many ways, changed the entire world. And it's going to generate huge returns for Apple's shareholders. Interestingly, Apple is being chased by another American company for the valuation. Buybacks make the remaining shares more valuable, so this is one way of returning profits to shareholders.

Apple hit the $1tn (£767bn) mark after publishing shares which brought the value of the company up from $935bn.

Microsoft Corp. (Nasdaq: MSFT) now has a P/E ratio of 50 - almost three times that of Apple. However, the share price quickly fell back, leaving the company worth just $962 billion at the time of writing.

Next year, the company plans to increase its penetration in the Saudi market with the launch of its first stores in the Kingdom. The story of Apple is really the story of modern capitalism doing what it does best: turning imagination into reality.

"Many on Wall Street doubted my new forecast, saying the iDevice King was suffering from a smartphone sales hangover", Michael told us. The handsets account for more than half of the Cupertino-based company's revenue.

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I'm no Apple fanboy-I'm an old-school ThinkPad guy and I'll take the nice midrange Android phone with expandable storage, thanks-but there can be little argument now about the direction Cook chose to take.

Apple has won the race to a $1 trillion valuation ahead of its so-called FAANG rivals (Facebook, Amazon, Netflix, Google).

Looking at Apple's current financial health, Michael is spot on.

The feat was achieved momentarily by PetroChina in 2007, after a successful debut on the Shanghai Stock Exchange that same year. Investors couldn't be happier that the iPhone continues to sell well, Apple's wearable business is growing, and revenue from services is through the roof.

Market capitalization, or market cap, is the total combined value of all of a publicly traded company's outstanding shares.

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