“In the race to a trillion, Apple is closer than ever,” Lucinda Shen reports for Fortune. “Buoyed by strong earnings and optimism surrounding the iPhone X, the market value of the tech giant has closed above $900 billion for the first time: $904 billion as of Wednesday.”

“Apple would not be the first publicly traded company to reach a trillion dollars in market value. That distinction belongs to oil and gas producer PetroChina, which briefly topped $1 trillion on the Shanghai Stock Exchange in 2007,” Shen reports. “Apple also would not be the most valuable company in the world. Most experts believe that distinction belongs to state-owned oil giant Aramco, which the Saudis believe could make a $2 trillion IPO.”

“However, the iPhone maker is the biggest public company in the world,” Shen reports. “As investors look forward to how sales of the iPhone X fare (figures that won’t show up until 2018), it is a mere 11% push away from the much discussed $1 trillion valuation.”

Read more in the full article here.

MacDailyNews Take: Briefly on an iPO surge is one thing; earning and maintaining it will be quite another.