The rally in Apple, the world’s most valuable publicly traded company, is showing no signs of easing. After closing at a record high on Wednesday, the iPhone maker’s market value is approaching that of Europe’s largest stock market: France.
The combined market value of companies listed in Paris was about US$3.2-trillion as of Wednesday’s close versus the technology giant’s $3.1-trillion. Apple is larger than all but the six largest stock markets in the world.
It’s not the first time the Cupertino, California-based company eclipsed Paris in value. The duo swapped positions a number of times during last year’s second-half selloff as central banks raised interest rates to tackle inflation.
The French stock market itself is at a record high this week, propelled by luxury goods companies including Louis Vuitton owner LVMH and Birkin bag manufacturer Hermes International. The stocks pulled back starting in midyear, only to rev up again in recent weeks as evidence grew that inflation is cooling and thus interest rates may have peaked, with no sign of a recession in the US.
In the US, that same backdrop has driven a renewed surge in technology stocks, especially the biggest companies. Apple has soared more than 50% in 2023, adding about $1-trillion in market value.
The recent surge for Apple is a big reversal from October, when the stock was pressured by concerns about revenue growth and sales in China.
Read: Apple reaches new record high share price
Wall Street projects that the company’s revenue will re-accelerate in 2024 as demand for smartphones, laptops and computers rebounds, according to the average of analyst estimates. — Subrat Patnaik and Michael Msika, (c) 2023 Bloomberg LP