Visualizing Every US Valuation Milestone From 1781: The Road To A Trillion Dollars

The market has been buzzing about Apple’s $1 trillion market valuation.

It’s an incredible amount of wealth creation in any context – but, as Visual Capitalist's Jeff Desjardins notes, getting to 12 zeros is especially impressive when you consider that Apple was just 90 days from declaring bankruptcy in 1997.

Today’s chart shows this milestone – as well as many of the ones before it – through a period of over 200 years of U.S. market history. It was inspired by this interesting post by Global Financial Data, which is worth reading in its own right.

Courtesy of: Visual Capitalist

MARKET CAP MILESTONES

Over the last couple of centuries, and with the exception of brief moments in time such as the Japanese stock bubble of 1989, the largest company in the world has almost always been based in the United States.

Here are the major market cap milestones in the U.S. that preceded Apple’s recent $1 trillion valuation, achieved August 2nd, 2018:

Bank of North America (1781)
The first company to hit $1 million in market capitalization. It was the first ever IPO in the United States.

Bank of the United States (1791)
The first company to hit $10 million in market capitalization had a 20 year charter to start, and was championed by Alexander Hamilton.

New York Central Railroad (1878)
The first company to hit $100 million in market capitalization was a crucial railroad that connected New York City, Chicago, Boston, and St. Louis.

AT&T (1924)
The first company to hit $1 billion in market capitalization – this was far before the breakup of AT&T into the “Baby Bells”, which occurred in 1982.

General Motors (1955)
The first company to hit $10 billion in market capitalization. The 1950s were the golden years of growth for U.S. auto companies like GM and Ford, taking place well before the mass entry of foreign companies like Toyota into the domestic automobile market.

General Electric (1995)
The first company to hit $100 billion in market capitalization was only able to do so 23 years ago.

THE OTHER TRILLION DOLLAR COMPANY

Interestingly, Apple is not the first company globally to ever hit $1 trillion in market capitalization.

The feat was achieved momentarily by PetroChina in 2007, after a successful debut on the Shanghai Stock Exchange that same year.

And as we noted previously, the $800 billion loss it experienced shortly after is also the largest the world has ever seen.

Comments

J S Bach nmewn Sat, 08/04/2018 - 22:09 Permalink

If "money" were honest, there would barely be the touching of a billion right now.  But, because the "U.S. Dollar" is based on fiat nothingness, the sky's the limit!  Keep printing!  Keep letting those wise ((("European"))) gurus steer our monetary ship of state.

Fools, all.

In reply to by nmewn

nmewn J S Bach Sat, 08/04/2018 - 22:32 Permalink

By euro-peons I will assume you mean Keynesians? Thats the obvious policy on a macro scale world wide now, though hard core neo-Keynesians like Krugman (calling himself a socio-economist...lmao!) chose to dispute it.

It's command & control economics (that is to say, socialism) nothing to do with laissez faire-grow the money supply as an economy grows. 

It's pretty elementary stuff Bach, I'm surprised you don't see it. 

In reply to by J S Bach

lock-stick sanctificado Sun, 08/05/2018 - 00:30 Permalink

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•• Adolfsteinbergovich  (another imaginary friend)

•• Free This  (same WHACK JOB -- used to be "Mr Hankey" -- also banned)

•• kr86096  ("I suck dick on the Internet!!!)

•• Leakanthrophy  ("celebrity-leaks" porn posting whackjob)

•• More Sun (it's the JOOS!! -- whack job extraordinaire)

•• Annanuki  (another imaginary friend)

•• Jumanji1959 (another imaginary friend)

•• PrivetHedge (another imaginary friend)

•• Cryptopithicus Homme  (another "imaginary friend")

 

spamming ZH for seven years --- dozens and dozens of banned log-ons

 

Write to the Tylers ::  abuse@zerohedge.com

 

ONE DEEPLY DISTURBED INDIVIDUAL, alone in his leaky moldy single wide, playing with little action figures and his own microdick, answering his own posts.  GOOD TIMES!!! 

 

       VVV VVV    •• PrivetHedge  &  Miss Informed  (more imaginary friends)

In reply to by sanctificado

107cicero nmewn Sun, 08/05/2018 - 06:26 Permalink

You are incorrect in calling the theory of' Keynesian' fiat printing as the touchstone for  the modern day Central Bank economists

Lord Keynes policy was to 'print money' in Recessions and Depressions and save money when the economy was expanding.

Current theory is print fiat at all times thereby being NEO-KEYNESIAN.

Big, big difference.

In reply to by nmewn

nmewn 107cicero Sun, 08/05/2018 - 07:54 Permalink

What you are referring to I believe is: "Thats the obvious policy on a macro scale world wide now, though hard core neo-Keynesians like Krugman (calling himself a socio-economist...lmao!) chose to dispute it."

Any defense of Lord John Maynard Keynes has no virtue and my pointing it out is certainly no vice. The core problem with any and all Keynesian economists (neo- or otherwise) is they don't have the common sense to not play with matches in a dynamite factory,

Keynes also said:

“I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.”...he said that only ten days before he died. 

Now, some (neo-Keynesians mostly) have taken this to mean that he had some sort of deathbed conversion to laissez faire capitalism.

That IS NOT how I read it AT ALL.

I read it as the statement of a dying man in full recognition of the sequence of events "his theory" had set in motion and was more concerned with protecting his own economic legacy after his death than seeking the forgiveness of the people living around that dynamite factory in which he lit the match. 

He also said his "General Theory" was more readily adapted to command & control type economies which are largely recognized today as socialist and/or fascist (which are one and the same to me) and he said that while he was in the full flower of his popularity...

"The theory of aggregate production, which is the point of the following book, nevertheless can be much easier adapted to the conditions of a totalitarian state than the theory of production and distribution of a given production put forth under conditions of free competition and a large degree of laissez-faire."

...he either knew perfectly well what he was doing/proposing or he had no common sense whatsoever and all the Keynesian apologists combined on this planet will never be able to rehabilitate what the uber-statist Keynes set in motion. 

In reply to by 107cicero

all-priced-in 107cicero Sun, 08/05/2018 - 10:44 Permalink

So Keynes wasn't smart enough to understand that taking the punchbowl away and ending the party would be almost impossible to do? That the people in charge would rather just keep handing out government cash to all their buddies.

 

Sort of like the UBI folks saying even if you give people enough cash so they don't need to work / or at least not work very hard - they will still all want jobs.

 

Plus since they don't have to worry about covering the rent - they will be willing to work harder at what they love doing and actually become more productive. Throw in free healthcare and college and it will be utopia.  

In reply to by 107cicero

withglee J S Bach Sun, 08/05/2018 - 09:08 Permalink

If "money" were honest, there would barely be the touching of a billion right now.  But, because the "U.S. Dollar" is based on fiat nothingness, the sky's the limit!  Keep printing!  Keep letting those wise ((("European"))) gurus steer our monetary ship of state.

Fools, all.

Can you describe "honest money" to me?

Hint: Gold is not money. Gold is just stuff.

In reply to by J S Bach

withglee J S Bach Sun, 08/05/2018 - 18:38 Permalink

I guess I'd define "honest money" as anything not based on debt.

Well, I can prove that "all" money is based on debt. So, how is your money which is not based on debt created? How does it deliver the following attributes that "all" money must exhibit ... to be honest money:

  1. Is in perpetual free supply;
  2. Never restricts trade (see 1);
  3. Maintains perfect perpetual balance between supply and demand for the money and thus zero inflation of the money itself;
  4. Imposes zero interest load on responsible traders (those who don't default);
  5. Imposes interest load on irresponsible traders commensurate to their propensity to default (i.e. interest collections immediately recover defaults experienced.
  6. Employs no reserves of any kind

Still guessing, or do you have something concrete?

In reply to by J S Bach

withglee topspinslicer Sun, 08/05/2018 - 18:43 Permalink

The inside of your skull is just stuff

Ok. Then that means it is "not" money either ... just like gold is not money.

Real money is "an in-process promise to complete a trade over time and space". It is created by traders, and only by traders, making such promises and delivering as promised. And if they default, the default is recovered by immediate interest collection of like amount.

And I can easily prove it. Can you prove your definition of money?

In reply to by topspinslicer

nmewn Silver Shield Sat, 08/04/2018 - 22:48 Permalink

Thats factually incorrect, the Fed was created by an act of Congress. The Fed Chairman is actually appointed by the US government.

It's quasi-private at best, the worst of both worlds. 

But to a much larger point (and perhaps yours) they don't have the assets to prevent/stop a bank run collapse of "the system" if or when it were to happen.

No "private corporation" does ;-)

In reply to by Silver Shield

nmewn lincolnsteffens Sun, 08/05/2018 - 08:24 Permalink

So let me see if I got this straight and understand your line of thinking, you are thinking if it were run/controlled by the federal government instead of being quasi-private it would not be used (abused) by politicians and bureaucrats to write endless checks for war & welfare?

I will dispute that till the day I die...lol.

There is absolutely nothing any politician or bureaucrat loves doing more than promising and giving people Faaarrreee! shit with a debt backed currency that they will never force the taxation in the amounts required to repay that debt. Simply put, Congress sets the fiscal budget and taxation levels. And they know when they do it there will be a shortfall on the ledger for incoming vs outgoing so it wouldn't matter one wit if the currency said Federal Reserve or Central Bank of America. 

People love their free shit and politicians are elected to give that free shit to them. 

In reply to by lincolnsteffens

nmewn cossack55 Sun, 08/05/2018 - 08:41 Permalink

lol...yezzz. nothing says tyrannical lawlessness quite like arming tax collectors, Treasury agents and postal inspectors.

I mean, outside of paying foreign government spies to provide "law enforcement agencies" with faked evidence that they can then take into a court of law in order to..."legally"...get a search warrant with the goal of preventing, a duly elected president from performing the exact duties he was elected to perform. 

(See, I managed to slip that it in there, somehow...lol)

In reply to by cossack55

Zorba's idea nmewn Sun, 08/05/2018 - 13:42 Permalink

With all due respect, the Federal Reserve is neither a Federal institution nor does it have reserves. Its a private Banking cartel which has captured the authority to print money and the power to inflate and deflate the nations currency. The FED is the bane of our Constitutional Republic and the Economic freedoms of its citizenry. President Washington prophetically warned the nation not to permit, Woodrow Wilson,before he died, regretted its creation and its inherent destructive corruption. Calling the FED  quasi-private is less than honest. I recall Bernanke appearing before Congress, where he was challenged to allow Congress to audit the FED...Bernanke's reply was, to sum up, FUCK YOU and the horse you rode in with. No Congressional Oversight is all one needs to understand...The FED is the Club 99.99% of America doesn't belong to. America will NEVER be restored until it has recovered a sound currency. The only sound presently coming from the "Printers" is a Big FUCK YOU America. The FED needs to be Audited and Ended.

In reply to by nmewn

earleflorida nmewn Sun, 08/05/2018 - 14:23 Permalink

here's and interesting read regarding your accurate analysis...

{(it's lengthy, but well worth remembering all the phases of how the realities of  finance/capital via ?money? really works)(ref: toolbar top - 'Volumes' for moar)}

"German Immigrants and J. P. Morgan's Securities Underwriting Syndicates" (late19th Century -- 1917)

https://www.immigrantentrepreneurship.org/entry.php?rec=240

In reply to by nmewn

Iconoclast422 Sat, 08/04/2018 - 22:09 Permalink

A trillion in useless iCrap built around the leveraging of slave labor into profits. It speaks volumes about how badly our currency has been destroyed and how far the country has fallen.

lock-stick Bushogboner Sun, 08/05/2018 - 00:33 Permalink

ONE DEEPLY DISTURBED INDIVIDUAL, alone in his leaky moldy single wide, playing with little action figures and his own microdick, answering his own posts.  GOOD TIMES!!! 

ONE whackjob obsessed SPAMMER -- with numerous log-ons!!!

•• kr86096  (I suck dick on the Internet!!")

•• sanctificado  (DON'T CLICK THE LINKS!!! --  Biblicism SPAMMER -- banned as powow/Wadolt/ravolla/lloll/pier/etc.)

•• Adolfsteinbergovich  (another imaginary friend)

•• Free This  (same WHACK JOB -- used to be "Mr Hankey" -- also banned)

•• kr86096  ("I suck dick on the Internet!!!)

•• Leakanthrophy  ("celebrity-leaks" porn posting whackjob)

•• More Sun (it's the JOOS!! -- whack job extraordinaire)

•• Annanuki  (another imaginary friend)

•• Jumanji1959 (another imaginary friend)

•• PrivetHedge (another imaginary friend)

•• Cryptopithicus Homme  (another "imaginary friend")

 

spamming ZH for seven years --- dozens and dozens of banned log-ons

 

Write to the Tylers ::  abuse@zerohedge.com

 

ONE DEEPLY DISTURBED INDIVIDUAL, alone in his leaky moldy single wide, playing with little action figures and his own microdick, answering his own posts.  GOOD TIMES!!! 

 

       VVV VVV    •• PrivetHedge  (another imaginary friend)

In reply to by Bushogboner

jm Sat, 08/04/2018 - 22:26 Permalink

Markets are boring right now, which is a good thing. Short the wings and modest tilt into risk is making money.

Valuation is always relative to the financial ecosystem. Real rates are still negative. Powell isn't going to blow anything up. Liquidity is getting tighter but this process is moving in slow motion.

True, downside is coming.  Credit spreads will widen with balance sheet normalization, and continued interest rate hikes will shift the anchoring yields of the fixed income universe higher, but until the curve inverts there's no urgent exit signal on risk.

Let it Go Sat, 08/04/2018 - 22:52 Permalink

I feel we are in uncharted waters and should take nothing for nothing for granted. To assume we will move forward without a glitch is  extremely optimistic. With the passage of time, things change and evolve. This transformation can be seen in both society and the economy. A question we must ask is just how relevant today's comparisons are with prior economic cycles?

The situation today is in many ways "historically unique" due to the rampant expansion of credit in recent decades. Recently  I found myself pondering the line, "outwit and outlast" that is often used during the popular hit television show Survivor. It occurred to me the winners in both life and investing often reflect these qualities and that this game is far from over. More on this train of thought in the article below.

 http://Economic Evolution Renders Many Comparisons Obsolete.html