This May Be Why Apple Just Hit An All Time High

Shares of tech giant Apple were zooming in Monday trading and catapulted to a brand new high. Though it was brief, the company climbed above the $925 billion market capitalization for the very first time.

Shares may have closed just a little under 1% up on Monday but during intra-day trading hit as high as over $182 a share.

The brief moment the company’s market cap was at over $925 billion put the company ahead of other tech giants like Alphabet and Amazon.

It was on Monday that Apple announced that it would be buying Texture, a magazine subscription service.

“We’re excited Texture will join Apple, along with an impressive catalog of magazines from many of the world’s leading publishers,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services.

“We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.”

“I’m thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple,” remarked John Loughlin, the CEO of Next Issue Media / Texture. “The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media and KKR, could not be more pleased or excited with this development. We could not imagine a better home or future for the service.”

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