Apple first US company to hit $1.5 trillion market cap

San Francisco: Apple has become the first US company that reached $1.5 trillion market cap and according to the investors and analysts, strong App Store sales, ARM chips-run Macs and a 5G iPhone this fall are the reasons for the surge in stock of the Cupertino-based iPhone maker.

At a current price of $352 per share and 4.3 billion shares outstanding, Apple`s market cap hit around $1.53 trillion on Wednesday, reports Mac Rumors.

Riding on its growing services and wearables business, Apple may become the first company ever to touch the $2-trillion valuation mark in next four years, a top analyst forecast recently.

Apple was the first US company to cross the $1-trillion mark in 2018.

According to market research firm Evercore ISI, the Cupertino-based iPhone maker would also be the first firm to surpass $2 trillion, reports Barron`s.

In the Wearables business, the analyst expects growth to $60 billion owing to the expansion of AirPods and Apple Watch. The Services business could grow to $100 billion in the next four years.

The analyst expects Apple to continue aggressively buying back stock.

"Apple would reduce its share count by about 1 billion shares in the forecast period, from 4.6 billion at the end of fiscal 2019 to 3.6 billion in fiscal 2024.

"At that share count, the market cap would hit $2 trillion if the stock price was just over $550," wrote Barron`s analyst Amit Daryanani.

As iPhones sale dip amid supply and demand uncertainties, Services segment is following a different trend for Apple, with strong year-over-year growth of 17 per cent and setting a new all-time revenue record of $13.3 billion in the company`s March quarter results this year.

The company saw all-time records in many of its Services categories - App Store, Apple Music, Video, cloud services, its App Store search ad business, AppleCare, Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card.