Apple just became the first American public company to cross $1 trillion in value.
Shares surged after Apple reported earnings that topped forecasts and a healthy outlook on Wednesday.
Even though some think Apple () needs a new product to keep sales and profits booming, Apple has rallied past the trillion level thanks to solid sales of the iPhone 8 and X — particularly in China and Japan — and surging services revenue from the App Store.
Related: Apple is showering its investors with cash
Wall Street thinks Apple could go even higher. Thirteen analysts have a price target of above $225 for Apple. The most bullish, Brian White of Monness, Crespi, Hardt & Co., has a price target of $275 a share. That would value Apple at $1.3 trillion.
Apple is benefiting from investor euphoria surrounding the tech sector broadly as well — and it could soon have company in the trillion dollar club.
Amazon (), Google owner Alphabet ( ) and Microsoft ( ) have all rallied to near record highs this year, too. Amazon is worth nearly $900 billion while Google and Microsoft are each now worth more than $800 billion.
Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though.
The U.S. endured a .35 percent year-over-year contraction across broadcast, digital broadcast and radio platforms in Q2, according to a new report.
This figure comes despite the emergence of political advertising spend in primary Democrat and Republican elections, which has seen a 264 percent growth rate. When excluding political ad spend from the findings, broadcast, digital broadcast and radio saw an overall 4.90 percent contraction compared to this time last year.
The findings, from Matrix Solutions’ 2018 Midyear Ad Spend Report, are the latest comprehensive update on the state of the advertising spend ecosystem. It derived from the activity of more than 10,000 active users within media ad sales teams from January 2018 to June 2018.
“According to our data, overall ad spend throughout the year, to date, has remained relatively flat when including the buoyancy that always comes from political campaigns, and without there’s a clear contraction,” said Mark Gorman, CEO at Matrix Solutions.