Listen to the podcast segment "Apple at a trillion dollars" from the August 4, 2018 episode
Apple made it to a $1 trillion market capitalization last week. It's fairly remarkable where the company finds itself today, considering it was nearly dead when I was in high school and was only revived when Steve Jobs came back to the company after years in exile.
There are two important things to remember about a milestone like Apple's: The first is that price isn't value, and the second is that nothing promises perpetual success.
Apple does create things that people want...a lot. There's no denying the success of products like the MacBook or the iPhone. They aren't my cup of tea, personally, but that's the beauty of a free market: Your choice to purchase those things doesn't hurt me in any way.
But aside from the products that have already worked for Apple, what's the future? It's not just smartphones. Wearables? IoT (the "Internet of Things")? Household product integration? We're seeing lots of progress by other companies in these areas, and Apple didn't invent the Fitbit, faces tough competition in smartwatches and other wearables, and they're playing catch-up in the hot smart speaker market.
In other words, there's no rest for the weary.
It's worthy of note that Microsoft got huge by enabling commerce; their consumer products have often stalled, but Microsoft's massive presence inside of business is undeniable. Apple got huge by serving the consumer market -- often for amusement. Consumers may be willing to do a lot, but we are a notoriously fickle lot and we aren't always as loyal as sellers may hope.
Whether Apple can keep up with shifting demand and breakable loyalties will decide whether it grows to another trillion.
Listen to the segment below for some money-making thoughts on the difference between stock price and stock value: