The Cupertino colossus has the best shot to be the world's first trillion-dollar company (requires just an 11% rise in market value, from $899 billion), Barron's Jack Hough reports:

  • The four other contendersAmazon, Microsoft, Google, and Facebook — will likely take longer.
  • "In its most recent fiscal year, Apple had $229.2 billion in revenue and $48.4 billion in earnings, roughly as much as the second- and third-most profitable U.S. companies, Microsoft and JPMorgan Chase, combined."
  • David Rolfe, chief investment officer at Wedgewood Partners, which manages $25 billion: "You have to go back to Rockefeller and Standard Oil to find a company so dominant in a business so large ... [I]n many quarters, Apple collects more than 80% of gross profit across the smartphone industry."
  • The Barron's takeaway: "We don't think the peak is near. Apple seems to be escaping its product supercycle peaks and troughs to post more-consistent year-to-year growth."

Go deeper

2 mins ago - Politics & Policy

Biden's China plan: Bring allies

Sarah Grillo/Axios. Photo: Drew Angerer/Getty Images

Joe Biden is planning to confront China across the globe, embracing some of President Trump's goals but rejecting his means.

The big picture: By starting a trade war with China, Trump has fundamentally altered the U.S.- China relationship — and forced both Republicans and Democrats to accept a more confrontational approach towards Beijing.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Fauci says U.S. may not return to normal until 2022 — Trump's testing czar: Surge "is real" and not just caused by more tests
  2. World: Taiwan reaches a record 200 days with no local coronavirus cases
  3. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  4. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

In pictures: Storm Zeta churns inland after lashing Louisiana

Debris on the streets as then-Hurricane Zeta passes over in Arabi, Louisiana, on Oct. 28. It's the third hurricane to hit Louisiana in about two months, after Laura and Delta. Photo: Sandy Huffaker/Getty Images

Tropical Storm Zeta has killed at least two people, triggered flooding, downed powerlines and caused widespread outages since making landfall in Louisiana as a Category 2 hurricane on Wednesday.

The big picture: A record 11 named storms have made landfall in the U.S. this year. Zeta is the fifth named storm to do so in Louisiana in 2020, the most ever recorded. It weakened t0 a tropical storm early Thursday, as it continued to lash parts of Alabama and the Florida Panhandle with heavy rains and strong winds.