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Apple market cap closes above $900 billion

  • Apple shares hit an all-time intraday high on Wednesday, according to FactSet.
  • Apple reported quarterly earnings this month that were above expectations.
  • Apple also stands to be one of the biggest beneficiaries of a proposed tax reform on repatriation.
Apple CEO Tim Cook smiles during a product launch event on October 27, 2016 in Cupertino, California. Apple Inc. unveiled the latest iterations of its MacBook Pro line of laptops and TV app.
Stephen Lam | Getty Images
Apple CEO Tim Cook smiles during a product launch event on October 27, 2016 in Cupertino, California. Apple Inc. unveiled the latest iterations of its MacBook Pro line of laptops and TV app.

Apple shares hit an all-time intraday high on Wednesday, according to FactSet, and closed with a market capitalization above $900 billion for the first time. The stock closed at $176.24, giving it a valuation of $904 billion.

Apple is fresh on the heels of the release of the iPhone X, which garnered critical acclaim despite a high price tag and short supply.

The company's balance sheet is also in better shape than Wall Street thought. Apple reported quarterly earnings this month that were above expectations and revenue that topped estimates, as the iPhone 8 series got off to a fast start, and Macs reached record revenue for the 2017 fiscal year.

Apple also stands to be one of the biggest beneficiaries of a proposed tax reform on repatriation of foreign earnings.

Apple has about $268.9 billion in cash, according to the company's quarterly earnings report. About $252.3 billion, or 94 percent, is held by foreign subsidiaries. About 63 percent of Apple's total net sales come from overseas.

A version of a Republican tax plan calls for a one-time tax rate of 12 percent on cash returns and 5 percent on noncash for corporate money repatriated from overseas.

The milestone has been long anticipated.

Apple's market cap has touched $900 billion during trading, but the valuation did not hold until the close. Apple announced a reduction in its outstanding shares this month, putting $900 billion just out of reach.

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