Technology giant Apple is known to be one of the biggest and most profitable name in the industry. But on Wednesday, the firm made headlines for making an impact to be remembered on the largest stock market of Europe – France.
The French stock market is considered among the big leagues even for firms valued at billions of dollars, but the iPhone maker is eclipsing the largest stock market in Europe with its rising valuation, now crossing USD 3.1 trillion.
Apple Inc is now the world’s most valuable publicly traded company, and its market value on Wednesday closed at a record high, at $3.1 trillion. Meanwhile, combined market value of companies listed on the French stock market was about $3.2 trillion as of Wednesday’s close.
According to an index compiled by Bloomberg, Apple is not only on track to dominate the French stock market, but is also bigger than all but the six largest stock markets in the world, as per its most recent market value.
As surprising as it may seem, this is not the first time that the iPhone maker has overtaken Paris’ stock exchange in terms of market 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.
French stock market vs Apple
The French stock market is at a record high this week, propelled by luxury-good companies including Louis Vuitton owner LVMH and Birkin bag manufacturer Hermes International SCA. The stocks pulled back starting in mid-summer, 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.
However, the United States has seen one of the biggest stock market surges in history when it comes to tech companies, with Apple benefiting heftily from the hike. Apple has soared more than 50% in 2023, adding about $1 trillion in market value. Shares edged higher in pre-market trading Thursday.
According to projections made by Wall Street, Apple’s revenue is yet to reach its full potential and will soar even higher in 2024, due to the rise in demand of high-tech electronics and smartphones.
(With inputs from Bloomberg)