Apple saw its share price rise high enough to briefly reach a record $3 trillion market capitalisation this week, the first company to do so.

Shares in the US tech giant hit $182.86 in trading on Monday, January 3 before dipping down to $182, taking it to $2.99 trillion.

The record valuation was driven in part by growing demand from the pandemic. As Covid-19 accelerated the digital transformation, many organisations needed digital technology, such as laptops, phones and tablets, to do business remotely.

The shift towards working from home also meant individuals invested in their own home office setups.

All this was a boon for tech companies, which have seen major share price gains over the past two years.

Furthermore, Apple has diversified away from its flagship iPhone and into wearables, such as the Apple Watch and AirPods. The sector surpassed Mac and iPad sales to bring in $8.8 billion in the third quarter of 2021.

In addition, the company provides an array of services, such as music streaming, its app store, and warranty coverage, which have been providing consistent revenues to the company.

For future growth, analysts and speculators are looking at technology such as virtual reality and the prospect of an Apple Car to help the company bring in fresh revenue streams.

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Apple hit its previous milestone back in August 2020 when it was valued at $2 trillion, the second company to do so. It was beaten to the post by Saudi state-controlled oil company Saudi Aramco when it was listed on the stock market back in December 2019.

The US tech giant was the first company to reach a $1-billion valuation, which it managed in 2018.

As such, it took almost exactly two years for the company to go from $1 trillion to $2 trillion, and then 16 months to add its third trillion dollars. Half a trillion of that came since mid-November 2021.

Rival tech giant Microsoft briefly took Apple’s crown as the world’s most valuable company in October last year. However, the company rallied and retook its spot in November.

Microsoft currently holds the second position at $2.5 trillion, with Google’s parent company Alphabet just under $2 trillion.

While its recent landmark valuations occurred during the pandemic, concerns about the economic ramifications of the coronavirus caused Apple’s share price to dip in March 2020. This took it below the $1-trillion mark.

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