Apple is already the world’s largest company. Later this month, they’ll be one of only 30 companies that make up the Dow Jones industrial average. Apple will replace AT&T on the Dow on March 18, according to The Wall Street Journal.
The iPhone maker will be one of six technology-based companies on the Dow, which first launched in 1896. The others are Cisco, IBM, Intel, Microsoft, and Verizon.
“Apple is the clear choice for the Dow Jones Industrial Average, the most recognized stock market measure,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.
The Dow was last updated in 2013 when Goldman Sachs, Nike, and Visa replaced Alcoa, Bank of America, and Hewlett-Packard.
In January, Apple announced net income of $18 billion, the largest quarterly profit on record, thanks to iPhone 6 and iPhone 6 Plus sales. This has helped propel Apple stock to new levels.
With a market cap of nearly $750 billion, Apple is currently the world’s largest publicly trade company. Year to date, Apple stock is up nearly 18 percent; year over year, it’s up almost 60 percent.