Apple's market cap is larger than all but 6 of world's top economies
Apple stock hit an all-time high this week and is up more than 57% this year, with a market cap hovering at $3.08 trillion.
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- Shares of Apple touched an all-time high this week at about $197.
- The company's $3.08 trillion market cap is higher than the GDPs of every country in the world except the top six.
- France's GDP hovers at $2.78 trillion, while Russia's is at about $2.2 trillion.
Apple stock breached new all-time highs this week, bringing its market capitalization back above $3 trillion.
On Friday, it was at $3.066 trillion as shares dipped 0.4% to $197.27. That means the company's valuation is larger than the GDPs of all but six of the world's biggest economies.
According to 2022 GDP data from the World Bank, the economies that are bigger than the iPhone maker's market cap include the US at the top ($25.5 trillion), followed by China ($18 trillion), Japan ($4.2 trillion), Germany ($4.07 trillion), India ($3.4 trillion), and the United Kingdom ($3.07 trillion).
France, the seventh largest economy, has a GDP of roughly $2.78 trillion, and Russia at eighth boasts about a $2.24 trillion economy.
The market cap of Apple is also approaching that of the entire Paris stock market, which hovers at about $3.2 trillion and is powered by companies like luxury-goods makers LVMH and Hermes, according to Bloomberg.
Apple stock has jumped 55% so far this year, but it was only this month that it regained the $3 trillion threshold. Putting it over the top was the Federal Reserve's meeting on Wednesday, when policymakers signaled the potential for three rate cuts in 2024, sparking a big stock market rally.
Apple is now on track to end the year as the most valuable company in the world for the fifth time in a row and is outperforming the S&P 500 index as well as other major benchmarks.