Apple's Market Cap Just Hit $2 Trillion, but Is the Stock a Buy?

Apple (NASDAQ: AAPL) made headlines today when its stock topped $467.77 per share in intraday trading, becoming the first U.S. public company in history to achieve a market cap of $2 trillion, beating out would-be contenders Amazon and Microsoft, which clocked in at $1.65 trillion and $1.59 trillion, respectively. In order to reach this historic benchmark, Apple stock price has gained more than 59% so far this year, after notching gains of 86% in 2019.

While it may be exciting to see Apple hit another intriguing milestone, it's important to remember that it's completely arbitrary, and while watching the "race to $2 trillion" made for a few good headlines, it has little to do with the ongoing potential of Apple's business. Let's look at what led to the iPhone maker's historic rise and what that means for those thinking of buying or adding shares.

Image source: Getty Images.

Source Fool.com