While congratulating his 123,000 employees over the achievement of Apple becoming the first American company to be valued over 1 trillion USD, CEO Tim Cook, through a letter, asked his employees to stay focused on their mission.
Other companies have come close to the mark, but no public U.S. company has hit a $1 trillion valuation.
Shares of Apple briefly hit $207.05 in late-morning trading, before retreating somewhat. It was Apple's best two-day run since April 2014.
"Of the three companies, I'd say Amazon will get to $1 trillion next", Morgan said. But he said it was "not the most important measure" of the company's success.
The company's stock was at $206.85, up 2.7 percent near 1620 GMT.
In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices. He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the cellphone industry, catching Microsoft Corp, Intel Corp, Samsung Electronics Co Ltd and Nokia off guard. Amazon had the second-largest United States market cap as of Wednesday, at roughly $872.5 billion.
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Together with Facebook, the five largest USA companies account for 15 percent of the S&P 500. Recently, some of his older clients have bought Apple shares for their grandchildren. Apple said it now has 4.83 billion shares outstanding. In its report on Tuesday, Apple sales led by the iPhone X, which sells for about $1,000, pushed quarterly results far beyond Wall Street targets, with subscriptions from App Store, Apple Music and iCloud services bolstering business.
Now, the non-hardware services category is fueling Apple's continued growth.
That price translates to a $1 trillion market cap, based on the current estimated number of outstanding shares.
As with other landmarks - such as the Dow crossing 25,000 for the first time - the Apple record is significant because of its resonance beyond the financial universe. "It's one of those things that does not mean anything by itself.it's more a testimony of the importance of Apple on the market". Since 1980, IBM Corp, Exxon Mobil, General Electric Co and Microsoft have also alternated as the largest publicly listed US company. It is now worth about $200 billion, according to Thomson Reuters data.
The boost is largely attributed to the US firm's stronger-than-expected second quarter earnings report.