Apple on cusp of becoming first U.S. company worth $3 trillion

Apple is edging closer to becoming the first publicly held U.S. company worth $3 trillion. In early trading on Monday, the technology titan's shares nosed up 1%, valuing the company at $2.96 trillion.

Apple reached $1 trillion in 2018 and cracked $2 trillion in August of 2020, powered by its steady expansion into a range of services as CEO Tim Cook works to reduce the company's reliance on iPhones, iPads and other devices for growth. 

"The linchpin to Apple's valuation re-rating remains its services business, which we believe is worth $1.5 trillion in the eyes of the Street, coupled by its flagship hardware ecosystem which is in the midst of its strongest product cycle in over a decade led by iPhone 13," Wedbush Securities analyst Dan Ives said in a report.