Apple’s iPhone Launch Just Helped Company Hit a $1 Trillion Market Cap Again

It was this week that Apple announced new iPhones at its big event in California and the launch has helped the company reach a $1 trillion market cap again.

Shares of Apple rose over 3% in Wednesday’s trading session and closed art $223.59. This price gives the company a market cap of $1.01 trillion.

It was in August of last year that Apple had hit a $1 trillion market cap but since that time the stock had pulled back and Apple even bought back its own shares.

Apple held its annual iPhone launch event on Tuesday where it announced the iPhone 11, iPhone 11 Pro, and the iPhone 11 Pro Max.

CNBC’s Jim Cramer had some things to say about the new phones on Wednesday.

According to Cramer, the new cameras unveiled this week for Apple’s new iPhones are going to be a major boon for Facebook’s photo and video-sharing platform Instagram.

“When you see those terrific camera options for the new iPhone, you know what that’s for? Getting the best possible photos for Instagram, which belongs to Facebook.” Cramer explained.

“I’m not really qualified to judge the quality of the triple camera in the new phone, but it looks incredible,” he added.

Cramer also remarked on Apple’s pricing for its Apple TV+, which starts at $4.99 per month for a family account.

“I’ve looked at some of what they’re developing for the video platform and some of it’s essential, especially when it’s so darned cheap — less than half the price of Netflix. I like that entertainment revenue stream,” said Cramer.

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.