Apple’s market cap is now higher than France, Italy’s economy
Apple’s stocks are through the roof as the current boom in IT companies has led the firm to its strongest yet financial position. Apple’s market valuation has now crossed the $3 trillion mark, becoming larging than the economies of all but the top six countries.
After a mega week on Wall Street, Apple’s shares dipped slightly on Friday when the markets closed, bringing the company’s complete market cap to $3.066 trillion. This market cap is larger than the economy of both Italy and France.
Apple’s market cap, after crossing USD 3.05 trillion, is only less than the GDP of six countries – US ($25.5 trillion), China ($18 trillion), Japan ($4.2 trillion), Germany ($4.07 trillion), India ($3.4 trillion), and the United Kingdom ($3.07 trillion), as per Business Insider.
It is expected that when the markets open on Monday, the iPhone maker’s stock will rise, overtaking the economy of the United Kingdom with its valuation. With its current growth rate, it is likely that Apple’s market cap may beat out India’s GDP in the coming months.
France is currently the seventh largest economy in the world, with a GDP of $2.78 trillion, while Russia is at the eighth spot, with a GDP of $2.24 trillion. Meanwhile, Apple recently took over the entire Paris stock market with its valuation.
Apple’s market cap more than entire French stock market
Apple’s market cap reached $3.1 trillion, which was worth more than the all the companies listed on the French stock market. The Paris exchange is powered by luxury companies such as LVMH and Hermes, none of which are any match for the iPhone maker.
However, the recent dip in Apple shares that brought its value down to $3.066 trillion and a spike in the French stock market taking it to $3.2 trillion, the gap between the two has slightly widened.
So far in 2023, Apple stocks have jumped over 55 percent on the stock market, but the company valuation crossed $3 trillion for the first time in December itself. With its outstanding performance on the NASDAQ this year, Apple is on course to close 2023 as the most valued company in the world.
