Apple's latest record high put it just 5% from a $2 trillion market value

Scott Olson/Getty ImagesApple CEO Tim Cook.

Apple is in striking distance of becoming the first-ever US company to hit a $US2 trillion market value.

Shares of Apple surged as much as 5% to an intraday high of $US446.55 on Monday, continuing the technology company’s post-earnings rally that sent it up more than 10% at Friday’s close. The intraday high put the company’s market capitalisation – the share price multiplied by outstanding shares – at roughly $US1.92 trillion.

From the day’s high, Apple would only have to gain 4.75% more to reach a market value of $US2 trillion, according to Business Insider calculations.

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Apple has had quite the year, gaining more than 48% even amid the coronavirus crisis as investors have viewed technology companies as not only well poised to withstand the pandemic, but an ensuing recession as well. On Monday, Apple and Microsoft’s gains lifted the Nasdaq to a fresh all-time high.

The run-up in Apple shares also comes ahead of its fifth-ever stock split, which it announced on Friday. The company said that on August 24 it will enact a 4-for-1 split of its shares in an effort to appeal to a broader base of investors.

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