Apple

Apple Is $78B Away From Trillion Dollar Valuation

With its market cap at an all-time high, Apple is only $78 billion away from a trillion dollar valuation.

According to Recode, despite disappointing earnings last month, the company’s stock rose 40 percent to a high on Monday of $182 per share.

Just last week, though, it was reported that Amazon might just beat the world’s most valuable publicly listed company to the $1 trillion mark. Amazon’s stock surged 83 percent over the past year, and if it continues growing at this pace, the company’s market capitalization would hit $1 trillion in late August. Apple would reach that mark around a week later if its stock price grew at the same pace as it has over the past year.

There have been concerns for Apple that demand for the new iPhone X has not been as enthusiastic as expected, which could impact its stock prices down the line. Earlier this month, JPMorgan slashed its production estimates on Apple’s iPhone X for the first and second quarters, and also lowered estimates for units shipped in the second quarter.

It now expects Apple’s iPhone production to be at 15 million units in the first quarter, down 25 percent from their previous estimate of 20 million units. For the second quarter, JPMorgan analyst Narci Chang cut his estimates by 44 percent to 10 million units from 18 million units. And for overall iPhone sales, the firm now expects Apple to ship 52 million units, lower than the past guidance for 55 million units in the first quarter. In the second quarter, the estimate went to 42 million units from 45 million units.

As for the number two U.S. company in market capitalization, Alphabet — its stock has grown about 33 percent over the past year. If it continues at this pace, Alphabet would not reach $1 trillion until 2019.

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