NEW YORK (AP) — Apple is the first US company to boast a market value of US$2 trillion, just two years after it became the first to reach US$1 trillion.

Apple shares have gained nearly 60 per cent this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.

The company’s hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home. Apple recently reported blowout earnings for the April-June quarter,

An upcoming four-for-one stock split that will make Apple’s shares more affordable to more investors also sparked a rally after it was announced three weeks ago.

Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people’s lives — and the stock market. Just five companies — Apple, Microsoft, Amazon, Facebook and Google’s parent company — account for nearly 23 per cent of the S&P 500’s entire value.

Saudi Aramco reached a market value of US$2 trillion shortly after becoming a public company in December 2019. The Saudi energy producer’s shares have fallen since amid a drop in oil prices and its market value is now about US$1.82 trillion.