- Apple’s market value is now higher than Alphabet, Amazon and Meta combined.
- The iPhone maker is valued at $2.307 trillion, while its tech peers are as high as $2.306 trillion.
- Tech stocks suffered after posting poor quarterly results, but Apple avoided a wipeout.
This story was originally published on Business Insider.
Loren Elliott/Reuters via Business Insider
Apple is now worth more than fellow tech giants Alphabet, Amazon and Meta combined, after it ended Wednesday with a market cap of $2.307 trillion.
At the same time, the market caps of its three tech giants soared to $2.306 trillion at the close of trading Wednesday. Google parent Alphabet’s market cap was $1.126 trillion, Amazon’s $939.78 billion and Facebook parent Meta $240.07 billion, data from Yahoo Finance shows.
In general, Big Tech stocks suffered a brutal sale last week disappointing quarterly results. But Apple’s stock outperformed its competitors after that beat Wall Street’s revenue and earnings forecasts for the fourth quarter.
Shares of the iPhone maker rose 8% in the wake of the results. After their earnings reports, Meta plunged more than 20%, Amazon fell about 10%, while Alphabet saw a single-digit decline.
Alphabet, Amazon and Metas Moderate revenues indicated that the demand for digital advertising is declining. The poorly received results helped wipe billions of their market value as their stocks fell, and pushed Amazon out of the trillion dollar market cap club.
Over the past five sessions, Apple’s stock is up 0.16%, while Alphabet is down 5.7%, Amazon is down 17.0% and Meta has lost 7.6% over that period.
Despite Apple’s performance, its market cap has slipped from its $2,193 trillion value at the end of 2021. A series of headwinds — high inflation, rising interest rates, fears of a recession and the war in Ukraine among them — have led tech stocks to take the plunge. difficult in 2022, as investors lost their appetite for higher-risk assets.
This story has been adjusted to correct the market cap figure in the headline. Apple’s market value is $2.307 trillion, not $2.037 trillion.
