One of the largest companies in the world has hit a new milestone, and it's one that could prompt predictions of a potential bubble and correction coming.

What Happened: In 2022, technology giant Apple Inc (AAPL  ) became the first public company to ever hit a $3 trillion market capitalization.

While the valuation of Apple has come down from its highs in January 2022, the tech giant remains the most valuable publicly traded company. Apple's market capitalization is $2.71 trillion at the time of writing.

Twitter user Willie Delwiche highlighted a recent milestone hit by Apple several days ago. The market capitalization of Apple is now worth more than the combined value of the 2,000 stocks in the Russell 2000.

Created in 1984, the Russell 2000 tracks stocks ranked 1,000 to 3,000 in the United States.

Delwiche recognized the "amazing concentration" of the Russell 2,000 and the fact that Apple was worth more than all the components of the key small-cap index combined.

The Russell 2,000 is tracked by several ETFs, including the iShares Russell 2000 ETF (IWM  ), which has over $47 billion of assets under management. The ETF's largest holding is 0.5% of assets, with 2,000 holdings among the fund.

Why It's Important: The statement emphasizing that Apple's valuation now surpasses the combined worth of 2,000 leading small-cap stocks comes on the heels of the tech behemoth achieving another recent landmark.

As previously reported by Benzinga, Apple and Microsoft Corporation (MSFT  ) have hit a record weighting in the S&P 500. As tracked by the SPDR S&P 500 ETF Trust (SPY  ), Apple and Microsoft make up nearly 14% combined of the S&P 500, compared to combined weightings of around 6% from 2015 to 2019 and around 8% from 2020 to 2022.

Apple holds a weighting of around 7.2% of the S&P 500 Index ETF, with Microsoft weighing in at around 6.6%. Next largest component makes up 2.7% of the fund.

Shares of Apple hit all-time high levels back in January 2022, but are not that far away from the current levels. Several analysts raised their price targets after Apple's recent earnings report.

AAPL Price Action: Apple shares are up 20.5% over the last 52 weeks and are up over 37% year-to-date in 2023.