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By Damilola Faustino

Apple has officially reached a market capitalization of $1 trillion as its stock surged, making it the first U.S. company to hit the massive valuation.

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Apple’s stock hit a high of $207.05 per share in trading yesterday, putting it at the $1 trillion mark. That came after a 5.9% surge a day earlier.

Apple technically wasn’t the first company to the $1 trillion market-cap mark. That was Chinese oil and gas giant PetroChina, which briefly topped $1 trillion in market value with its IPO in 2007 before the share price dropped.

Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, during the June 30 quarter. On top of that, it has built a large and fast-growing business with the App Store, iTunes, Apple Music and other services, which pulled in $9.55 billion in sales in the most recent quarter according to reports.

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