The COVID-19 pandemic has undoubtedly taken a toll on the U.S. and global economy. Many companies are forced to cut their workforce in dramatic percentages to simply ensure longevity until the pandemic fades. However, some of the few business fields to see an increase of demand during the pandemic includes food, online stores, third-party sellers and of course, tech.
Apple has become the first US company to be valued at $2 trillion, doubling its initial breakthrough of being valued at $1 trillion (reached in 2018) in just about two years.
Apple made this historic accomplishment on Wednesday as its shares climbed an additional 1.4 percent.
According to reports, Apple’s new success is in part caused by the COVID-19 pandemic. How? Due to the stock market taking a severe hit in mid-March at the start of the pandemic governments and investors looked for ways to combat the inevitable economic damage. In doing so, they invested in tech on a hope, prayer and strategy, believing that tech would save the economy from the recession.
Experts suggest that we are only halfway through the pandemic, so it is too early to determine whether or not the billions invested in the tech industry will do as investors intended.
However, Apple’s recent success and the recent success of businesses such as Amazon suggest that the suggestive fields of tech and online consumer goods will be key players in reversing the recession brought on the by COVID-19 pandemic.