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Apple briefly rejoins $1 trillion club after product release

Apple Inc. momentarily reclaimed the title of a $1 trillion company only to fall below the threshold at the end of the week, after unveiling a fresh slate of new iPhones and services offerings.

The device maker broke its $1 trillion milestone on Sept. 11 following Wall Street's positive reaction to the company's annual fall product release event on the prior day, when the company debuted a trio of iPhones with advanced camera features, a new Apple Watch and iPad, as well as pricing details for its Apple TV+ subscription streaming service and its first gaming subscription service known as Apple Arcade.

But Apple shares dropped about 2% around midday Sept. 13 to $218.08, enough to pull the tech giant's market cap back below the $1 trillion level. Apple's stock must remain at or above the share price of $221.28 to maintain the $1 trillion market cap, based on its 4,519,180,000 shares outstanding as of July 19. The company disclosed the latest share count in a Form 10-Q filed in July.

Apple closed the Sept. 11 and Sept. 12 trading sessions with a market capitalization solidly in the 13-figure territory.

The company first hit the one trillion mark in August 2018 but fell under that benchmark after struggling against dwindling sales of its iconic iPhones and global trade uncertainties.

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Apple joins Microsoft Corp. and Amazon.com Inc. in reaching $1 trillion in market capitalization. Microsoft touched $1 trillion in April, while Amazon reached the $1 trillion spot in September 2018.

Analysts largely cheered Apple's new offerings at its Sept. 10 event where it unveiled the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max models.

Gene Munster, managing partner at venture capital firm Loup Ventures, said in a tweet that the strong camera focus of the new iPhones highlights the growing importance of cameras for the overall smartphone experience.

"People always want to take better pictures, so pushing the edge on photo features [is] needed to maintain user satisfaction," Munster wrote.

Apple also provided more details around the highly anticipated Apple TV+ subscription streaming service.

Apple TV+, which features exclusive original video content from various A-list celebrities, will debut Nov. 1, retailing at $4.99 per month. Consumers that buy an iPhone, iPad, Mac or Apple TV will have access to Apple TV+ for one year for free.

While some analysts said Apple's strong ecosystem could help the company attract Apple TV+ viewers early on, they note that the service faces tough competition from rivals, such as Netflix Inc. and The Walt Disney Co., that are more established in the streaming space and have more robust content offerings.

Also on Sept. 10, Apple announced that video game subscription service Apple Arcade will be available Sept. 19. The service retails at $4.99 per month in over 150 countries.

A new entry-level iPad and Apple Watch were also introduced, which offer more advanced capabilities than their predecessors. The Apple Watch Series 5 will be available in stores Sept. 20 and pricing will start at $399. The entry-level iPad retails at $329 and will start shipping at the end of September.