By Mark Gurman and Ryan Vlastelica

马克·高曼(Mark Gurman)和瑞安·弗拉斯蒂卡(Ryan Vlastelica)

Apple Inc. made Wall Street history on Wednesday when its 2020 stock surge pushed the market value over $2 trillion, the first time a U.S. company has surpassed that level.

苹果公司周三创造了华尔街的历史，当时其2020年的股价飙升使市值超过2万亿美元，这是美国公司首次超过该水平。

While it took Apple 38 years to reach its first $1 trillion in value, the next trillion only took two years after the company rapidly expanded its hardware ecosystem with more iPhones and new Apple Watches and AirPods, launched digital services and leveraged its base of 1.5 billion devices to generate more recurring revenue.

苹果花了38年的时间才能达到其首个1万亿美元的价值，而下一个万亿只花了两年的时间，公司用更多的iPhone和新的Apple Watch和AirPodsSwift扩展了其硬件生态系统，推出了数字服务并利用了15亿的基础设备来产生更多的经常性收入。

The Cupertino, California-based company, run by Chief Executive Officer Tim Cook, has also been buoyed by the broad adoption of mobile internet-connected devices, apps and other cloud services — especially during the Covid-19 lockdown. Buybacks and dividends have lured new investors, such as Warren Buffett, while an imminent stock split should keep smaller investors interested, too.

由首席执行官蒂姆·库克(Tim Cook)运营的这家位于加利福尼亚州库比蒂诺的公司也受到移动互联网连接设备，应用程序和其他云服务的广泛采用的推动，尤其是在Covid-19锁定期间。 回购和股息吸引了沃伦•巴菲特(Warren Buffett)等新投资者，而即将进行的股票分拆也将使较小的投资者也保持兴趣。

The market milestone “again demonstrates Cook’s amazing acumen as Apple’s CEO,” according to Michael Gartenberg, a former senior marketing executive at the iPhone maker. “The key to Apple’s success has been an unwavering commitment to its attention to the details of things that other companies might find mundane.”

iPhone制造商前高级营销主管迈克尔·加滕伯格(Michael Gartenberg)表示，市场里程碑“再次证明了库克作为苹果公司首席执行官的惊人才智”。 “苹果成功的关键在于坚定不移地致力于关注其他公司可能会发现的世俗事物的细节。”

Shares of the iPhone maker rose as much as 1.4% to $468.65 in New York trading. Its current market value almost matched the entire Russell 2000 Index of small-cap stocks, a benchmark that has fallen this year as pandemic shutdowns punish the U.S. economy.

这家iPhone制造商的股票在纽约交易中上涨了1.4％，至468.65美元。 目前的市值几乎与整个罗素2000年小型股指数相当，由于大流行停工对美国经济造成的冲击，该基准值今年已下跌。

The gains have solidified Apple’s position as the most valuable company in the world. While Saudi Aramco briefly boasted a $2 trillion valuation in December, shares of Saudi Arabia’s national oil company subsequently dropped, and it currently trades with a market cap of about $1.8 trillion. Among U.S. companies, Apple is trailed by Amazon.com Inc. and Microsoft Corp., both of which have market caps under $1.7 trillion.

这些收益巩固了苹果作为全球最有价值公司的地位。 尽管沙特阿美公司在12月份曾短暂地拥有2万亿美元的估值，但沙特阿拉伯国家石油公司的股价随后却下跌了，目前其市值约为1.8万亿美元。 在美国公司中，苹果紧随其后的是亚马逊(Amazon.com Inc.)和微软(Microsoft Corp.)，二者市值均低于1.7万亿美元。

The past two years have not been easy for Apple, though. Cook has had to maneuver through a trade war between the U.S. and China, where most Apple devices are assembled. The company missed its holiday sales forecast in 2019 for the first time in nearly two decades, triggering a plunge in the shares. Now Apple’s App Store is under fire from regulators and some developers who complain that the company charges high fees and limits third-party applications in favor of its own offerings.

不过，过去两年对苹果来说并不容易。 库克不得不通过美国和中国之间的贸易战来回旋，而大多数苹果设备都是在中国组装而成的。 该公司近二十年来首次未达到2019年假期销售预期，引发股价暴跌。 现在，苹果的App Store受到监管机构和一些开发商的抨击，他们抱怨该公司收取高额费用，并限制第三方应用程序以支持自己的产品。

Cook, Apple’s top executive since 2011, has handled most of these challenges well so far. He talked U.S. President Donald Trump out of imposing large tariffs on key products like the iPhone and AirPods, and worked with the administration to keep production of the Mac Pro computer in Texas.

库克自2011年以来一直是苹果公司的最高执行官，到目前为止，他们已经很好地应对了其中的大部分挑战。 他说服美国总统唐纳德·特朗普(Donald Trump)取消对iPhone和AirPods等关键产品征收高额关税，并与政府合作，在得克萨斯州继续生产Mac Pro计算机。

The CEO had to close hundreds of Apple retail stores due to the pandemic this year, and many employees were forced to work remotely. In the midst of these disruptions, Apple launched new iPad Pros, a lower cost iPhone and ran a virtual conference that introduced new tools to support the next range of devices. Apple recently reported quarterly sales and profit that far exceeded Wall Street expectations.

由于今年的大流行，该首席执行官不得不关闭数百家苹果零售商店，许多员工被迫远程工作。 在这些混乱之中，苹果推出了新的iPad Pros，一款成本更低的iPhone，并举行了一次虚拟会议，介绍了支持新设备的新工具。 苹果公司最近公布的季度销售额和利润远远超出了华尔街的预期。

“If we stay focused on doing what we do best, if we keep investing, if we manage the business wisely and make decisions collaboratively, if we take care of our teams, if our teams take care of their work, I don’t see any reason to be anything but optimistic,” Cook told staff in April.

“如果我们继续专注于做自己最擅长的事情，如果我们继续投资，如果我们明智地管理业务并进行协作决策，如果我们照顾团队，如果我们团队照顾他们的工作，我看不到除了乐观之外，任何理由都没有。”库克在四月份告诉工作人员。

While Apple has launched new digital services in the past year, none are off to particularly hot starts, and its multibillion-dollar investment in original video has yet to show meaningful growth or revenue. Still, investors and analysts are optimistic about Apple’s new services eventually finding their footing. Bloomberg News reported earlier this month that Apple is preparing a series of “Apple One” bundles to increase recurring revenue.

尽管苹果在过去的一年中推出了新的数字服务，但还没有特别热的开始，其对原始视频的数十亿美元投资尚未显示出有意义的增长或收入。 尽管如此，投资者和分析师仍对苹果的新服务最终找到立足点感到乐观。 彭博社本月早些时候报道称，苹果公司正在准备一系列“ Apple One”捆绑销售产品，以增加经常性收入。

“The company has been able to create a healthy gross margin because they’ve added services to their swath of hardware,” said Shannon Cross of Cross Research. “The services growth appears to be sustainable for at least the medium term as people continue to use their connected devices more and more.”

“该公司之所以能够创造可观的毛利率，是因为他们已经为其硬件产品线增加了服务，” Cross of Cross Research说。 “随着人们继续越来越多地使用其联网设备，服务增长至少在中期看来是可持续的。”

To keep the stock rising, Apple will need to generate more growth from hardware, while continuing to expand its services business, she added.

她补充说，为了保持库存的增长，苹果将需要通过硬件实现更多增长，同时继续扩大其服务业务。

The technology giant is preparing four new iPhones with 5G capability for this fall, three years after the launch of the iPhone X in 2017. Tens of millions of users who upgraded to the iPhone X due to its new design are likely inching toward needing a new model. That could set up Apple for a large upgrade cycle over this holiday shopping season and into next year.

这家技术巨头正在准备在2017年推出iPhone X三年后的今年秋天，推出四款具有5G功能的新iPhone。数以千万计由于其新设计升级到iPhone X的用户可能会急需新的iPhoneX。模型。 这可能会使苹果在这个假日购物旺季到明年有一个较大的升级周期。

The company is also looking to further solidify its ecosystem with new accessories such as over-ear headphones, a cheaper smart speaker and new iPads, Bloomberg News has reported. Apple is taking more control over the supply of key components, too, developing Macs with its own processors and future iPhones with its own cellular modems.

据彭博社报道 ，该公司还希望通过新配件进一步巩固其生态系统，例如耳挂式耳机，更便宜的智能扬声器和新的iPad。 苹果公司也越来越多地控制关键部件的供应，开发具有自己处理器的Mac和拥有自己的蜂窝调制解调器的未来iPhone。

While it works on new versions of existing products, Apple is also developing a pair of virtual and augmented-reality devices: a VR headset with some AR capabilities for release as early as 2022 and lightweight AR glasses that could launch as soon as 2023, Bloomberg News has reported.

苹果可以在现有产品的新版本上工作的同时，还开发了一对虚拟和增强现实设备：具有某些AR功能的VR头显最早可在2022年发布，而轻巧的AR眼镜可在2023年首发，彭博社新闻报道。

The new products could keep users locked into an ecosystem that is likely to grow beyond the current base of roughly 1.5 billion active devices. The more recent push toward hardware and services subscriptions adds another reason to stick with Apple’s offerings and is particularly enticing to investors looking for steady income-generating businesses.

新产品可以将用户锁定在一个生态系统中，该生态系统可能会超过目前大约15亿个活动设备的基础。 最近对硬件和服务订阅的推动增加了坚持使用苹果产品的另一个原因，并且特别吸引了寻找稳定创收业务的投资者。

Despite several hardware successes, particularly with the Apple Watch and AirPods, Apple has had some misses during its rally to $2 trillion. The company’s HomePod smart speaker has lagged far behind the competition. That has helped Amazon.com Inc. and Alphabet Inc.’s Google move ahead in artificial intelligence and voice-based computing. Apple has also faltered in smart home integrations with appliances, dropping behind the same two competitors.

尽管在硬件方面取得了一些成功，特别是在使用Apple Watch和AirPods的情况下，苹果在反弹至2万亿美元的过程中仍有一些失误。 该公司的HomePod智能扬声器已经远远落后于竞争对手。 这帮助了Amazon.com Inc.和Alphabet Inc.的Google在人工智能和基于语音的计算方面取得了进步。 苹果在与设备的智能家居集成方面也步履蹒跚，落后于两个竞争对手。

Logan Purk, an analyst at Edward D Jones & Co., reiterated his hold rating on Apple shares, recommending that “new money look elsewhere in the tech space” for better opportunities. “The big catalysts are fairly well priced in, the 5G iPhone especially,” he added. “There aren’t a lot of stones left unturned.”

爱德华·琼斯公司(Edward D Jones＆Co.)的分析师洛根·普克(Logan Purk)重申了他对苹果股票的持有评级，并建议“新资金将在技术领域另辟for径”，以获得更多机会。 他补充说：“尤其是5G iPhone，巨大的催化剂价格合理。” “没有很多石头被遗弃。”

The average analyst 12 month price target is $429.53, below the current share price, according to data compiled by Bloomberg. There are five sell ratings, 12 holds and 27 buys.

彭博社汇编的数据显示，分析师平均12个月目标价为429.53美元，低于当前股价。 有五个卖出评级，12个持有和27个买入。