Behind Apple’s 28,000 stock rise
Aside from blowout earnings, the company is at its most exciting right now as its own silicon chip receives rave reviews
This year marks the 10th anniversary of the death of Steve Jobs, who died on October 5 2011 from complications related to neuroendocrine cancer. Yet the company he cofounded with Steve Wozniak and Ronald Wayne is stronger today than at any time in its history.
The company’s market capitalisation tells the story: from near-bankruptcy 25 years ago — the company was bailed out in 1997 by Jobs’s long-time rival, Bill Gates, when Microsoft invested $150m — Apple is today the most valuable company in the world, worth a staggering $2.2-trillion (or $300bn more than second-placed Microsoft). To put that into perspective, $2.2-trillion is more than 10% of US economic output — though, of course, the numbers aren’t directly comparable...