Apple is close to becoming the first $1 trillion American company

From CNN.com

APPLE IS ON THE VERGE OF BECOMING THE FIRST AMERICAN COMPANY TO BE WORTH $1 TRILLION.

Apple is now worth about $945 billion. Shares are up more than 13% this year, far better than the overall market. For Apple to hit a $1 trillion market valuation, the stock would need to go up just another 6% to $202.30 a share.

Even though some think Apple (AAPL) needs a new product to keep sales and profit booming, Apple has inched closer to an $1 trillion thanks to solid sales of the iPhone 8 and X -- particularly in China and Japan -- and surging services revenue from the App Store.

Apple's sales increased 16% in the first three months of 2018 -- not bad for a company of its massive size.

It also has been using its more than $267 billion in cash to boost its dividend and stock buyback program as a way of rewarding investors, which include Warren Buffett.

Buffett's Berkshire Hathaway (BRKB)bought nearly 75 million shares of Apple in the first quarter, making it Berkshire's top stock holding.

But Apple is benefiting from investor euphoria surrounding the tech sector broadly as well.

Amazon (AMZN) is also trading at an all-time high and is now worth more than $800 billion -- that's lifted the net worth of Amazon CEO Jeff Bezos to nearly $140 billion, according to lists by Forbes and Bloomberg tracking the world's wealthiest people.

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