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Apple becomes first U.S. company worth $2 trillion

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Apple has officially become the first U.S. company worth a staggering $2 trillion. Yahoo Finance’s Dan Howley joins Akiko Fujita to discuss.

Video Transcript

AKIKO FUJITA: A big day for shares of Apple hitting that $2 trillion mark in this session today. Dan Howley is here to break that down for us. Dan, the question is, how much higher. Is it going to go?

DAN HOWLEY: Yeah, really, it seems like the sky's the limit for Apple at this point. Basically, it hit the $2 trillion mark shortly after the bell, the opening bell this morning, crossing the threshold.

And really, I think some of the most important stuff to point out here is that it's not just because of the iPhone. A lot of this has to do with the fact that Tim Cook tried to help pivot the company to be less dependent on iPhone sales and more use a holistic approach, where they focused on everything from services-- that includes iTunes, the App Store, AppleCare, to wearables, the AirPods, the Apple Watch-- and then improving the iPad and Mac lineup, and that's really helped the company round out where the revenue comes from.

iPhone is still the largest portion of revenue for Apple each quarter, but the second now is coming from services. And if you'll remember, in 2017, I believe, Tim Cook had promised to double services revenue. And he's done that since that time.

So this is a point where I think you look at where Apple has been and have to consider, there's really no stopping at this point. It has more than a billion users that have active iOS accounts. Those people are the ones that Apple is plugging into to pull in for things like services and accessories. And the more they roll those out, the more enticing they make them, the more money they're going to make off that established user base now.