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Illustration: Rebecca Zisser/Axios

Apple briefly topped $1 trillion in market cap, becoming the first U.S. company to do so. In and of itself, it's an arbitrary and not terribly meaningful milestone. But Apple's size really does matter.

The bottom line: A trillion dollars in market cap means Apple has both the cash and stock to buy anything it wants. That will be very important if the company decides to venture further into areas like self-driving cars or video content. (This NYT interactive graphic puts $1 trillion in perspective, showing all the things that amount would buy.)

History lesson: Apple was close to bankruptcy back in the late 1990s, before Steve Jobs' return to the company. In the two decades since, Apple has had a series of consecutive hits that allowed it to grow, step by step, into the tech giant it is today. Here are the three most important:

  • iMacIntroduced by Jobs in 1998, the brightly colored translucent computer allowed Apple's core business to recover and grow, and re-established the company as the leader in cool, unconventional thinking.
  • iPod (and iTunes) — It's hard now to state just how bold and important Apple's move into music was for the company. The iPod showed the world, and the company, that the values, aesthetics and approach Apple had developed with computers, could be applied to entire other industries.
  • iPhone — Obviously Apple owes much of its trillion dollars in value to the iPhone. While there were other smartphones before it, Apple literally changed the shape of the industry with the introduction of the multi-touch device in 2007.

For more on Apple's transformation from near insolvency to $1 trillion in market value, the New York Times' Jack Nicas has a great recap here.

What they're saying:

  • Apple CEO Tim Cook: "While we have much to be proud of in this achievement, it’s not the most important measure of our success. Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values."
  • CNBC flashed back to Apple's 1980 stock offering, which Massachusetts regulators banned from being sold there as too risky.
  • BusinessWeek trolled itself, posting a photo of its 1996 cover story on Apple, "The fall of an American icon," with the comment "LOL."
  • And while I usually hate it when people compare market cap to GDP, I have to applaud this effort. "Apple’s trillion dollar valuation is equal to the GDP of the state of Florida, but that’s comparing apples to oranges."

What's next: The big question now is what the next trillion dollar company will be, with most eyes on Amazon. As for Apple's future, the question now is whether Apple can use services, cars or another breakthrough to keep the growth going.

Go deeper

Updated 10 mins ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Concerns grow over CDC's isolation guidelines — Experts warn of more COVID-19 variants after Omicron — WHO recommends 2 new treatments — What "mild" really means when it comes to Omicron — Deaths are climbing as cases skyrocket.
  2. Vaccines: America's vaccination drive runs out of gas— Puerto Rico expands booster shot requirements— Supreme Court blocks Biden's vaccine mandate for large employers.
  3. Politics: Vivek Murthy calls SCOTUS vaccine mandate block "a setback for public health" — Focus group says Biden weak on COVID response, strong on democracy
  4. Economy: America's labor shortage is bigger than the pandemic— — CDC COVID guidance for cruise ships to be optional starting Saturday — The cost of testing.
  5. States: West Virginia governor feeling "extremely unwell" after positive test — Youngkin ends mandates for masks in schools and COVID vaccinations for state workers — America struggles to keep schools open
  6. World: Beijing reports first local Omicron case weeks before Winter Olympics — Teachers in France stage mass walkout over COVID protocols.
  7. Variant tracker
Updated 24 mins ago - Politics & Policy

British national named in Colleyville synagogue standoff

A law enforcement vehicle sits near the Congregation Beth Israel synagogue on Jan. 16. Photo: Brandon Bell/Getty Images

British national Malik Faisal Akram took four people hostage at a Texas synagogue on Saturday, the FBI said in a statement on Sunday.

State of play: All four hostages were safely released after the day-long standoff at Congregation Beth Israel in Colleyville, Texas, Gov. Greg Abbott (R) said on Saturday night.

  • "Around 9 p.m., the HRT — hostage rescue team — breached the synagogue, they rescued the three [remaining] hostages, the suspect is deceased," said police chief Michael Miller of Colleyville, located roughly 15 miles northeast of Fort Worth. The other hostage had been released earlier Saturday.
  • Authorities had initially declined to release the name of the 44-year-old suspect or identify the hostages, all adults, though Miller confirmed that one of those held was Rabbi Charlie Cytron-Walker, who leads the congregation.

Driving the news: The Colleyville Police Department said in a statement nearly an hour after the synagogue's 10 a.m. CST Shabbat services began that officers arrived on the scene and "observed an emergency situation that warranted an evacuation of the surrounding areas."

  • The FBI's Dallas Field Office, including crisis negotiators, and Texas Department of Public Safety worked alongside local authorities as the situation unfolded, according to CPD.
  • Abbott tweeted around 9:30 p.m. CST, "Prayers answered. All hostages are out alive and safe."

Matt DeSarno, the special agent in charge at the FBI's Dallas Field Office, said Saturday night that the suspect was focused on "one issue that was not specifically threatening to the Jewish community."

  • According to Texas Department of Public Safety, the suspect said he wanted to see Aafia Siddiqui, a Pakistani neuroscientist, who is serving an 86-year sentence nearby. Siddiqui was convicted in 2010 for assaulting U.S. federal agents, employees and nationals in Afghanistan.

"We strongly condemn the hostage-taking at Congregation Beth Israel in Colleyville, TX," Siddiqui's attorney Marwa Elbially, said in a statement earlier on Saturday, per CNN. "We implore the hostage taker to immediately release all hostages and turn himself in."

  • "We want to verify that the perpetrator is NOT Dr. Aafia's brother who is a respected architect and member of the community. Whoever the assailant is, we want him to know that his actions are condemned by Dr. Aafia and her family," the statement continued.

What they're saying: "Thanks to the courageous work of state, local and federal law enforcement, four Americans who were held hostage at a Texas synagogue will soon be home with their families," President Biden said in a statement.

  • "We are sending love and strength to the members of Congregation Beth Israel, Colleyville, and the Jewish community," Biden added.
  • "There is more we will learn in the days ahead about the motivations of the hostage taker. But let me be clear to anyone who intends to spread hate—we will stand against anti-Semitism and against the rise of extremism in this country."

Editor's note: This story has been updated throughout.

5 hours ago - Sports

Novak Djokovic loses Australian visa appeal

Novak Djokovic of Serbia plays a forehand during a practice session ahead of the 2022 Australian Open at Melbourne Park on January 14, 2022. Photo: Daniel Pockett/Getty Images

Tennis star Novak Djokovic left Australia on Sunday evening, facing a three-year visa ban after an appeals court in the country revoked his visa.

Driving the news: Djokovic will not be able to defend his Australian Open title when the tournament starts in Melbourne. The World No. 1 is looking to break a three-way tie with Roger Federer and Rafael Nadal for most Grand Slam men's singles titles.