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Data: FactSet; Chart: Naema Ahmed/Axios

Apple's market cap is screeching toward $2 trillion, less than a year after rising above the $1 trillion mark again in September 2019.

What happened: The company first gained 13-figure status in early August 2018 but saw its valuation sink to a mere $709 billion following the market downturn of late 2018.

  • If Apple's market cap rises $112 billion before Sept. 11 it will have accomplished in under a year what took the company 42 years from its founding to do.

Yes, but: Perhaps more impressive than the company's valuation is its weight. Apple's weighting in the S&P 500 earlier this week rose to 6.5%, leapfrogging IBM's in 1985 to become the index's largest weighted company in the past 40 years, according to S&P Dow Jones Indices and Bloomberg.

Go deeper

Updated Nov 9, 2020 - Economy & Business

Stock market rises after Pfizer coronavirus vaccine news

A face mask hanging on the fence of the New York Stock Exchange. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

The Dow closed up 2.9%, or 835 points, after Pfizer announced promising, though early, findings about the effectiveness of its coronavirus vaccine. The S&P 500 finished up 1.2%.

The state of play: The vaccine progress is fueling market optimism about a possible return to normal, as the coronavirus pandemic and social-distancing restrictions have held back the U.S. economy.

Ina Fried, author of Login
Updated Nov 10, 2020 - Technology

Apple debuts first Macs with homegrown processors

Illustration: Aïda Amer/Axios

Apple on Tuesday debuted the first Macs with chips the company designed in-house, introducing updated versions of the MacBook Air, MacBook Pro and Mac mini that use its new M1 processor.

Why it matters: The move away from Intel processors could reduce costs for Apple and give the company more flexibility in design, but also adds short-term uncertainty as well as extra work for developers.

Republicans pledge to set aside differences and work with Biden

President Biden speaks to Sen. Mitch McConnell after being sworn in at the West Front of the U.S. Capitol on Wednesday. Photo: Erin Schaff-Pool/Getty Images

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.