Apple now worth the same as the French stock market

The upward momentum in Apple, the world’s most valuable publicly traded company, continues unabated. Following a record-high closing on Wednesday, Apple’s market value is now approaching that of France, Europe’s largest stock market.

As of Wednesday’s close, the combined market value of companies listed in Paris stood at about US$3.2 trillion, slightly surpassing the technology giant’s $3.1 trillion. Notably, Apple’s market value exceeds that of all but the six largest stock markets globally.

This isn’t the first time that Apple has surpassed Paris in value; such fluctuations occurred multiple times during the second half of the previous year amid central banks’ efforts to address inflation by raising interest rates.

The French stock market itself is currently at a record high, driven by luxury goods companies such as LVMH, owner of Louis Vuitton, and Hermes International, the manufacturer of Birkin bags. These stocks experienced a pullback in the middle of the year but have rebounded in recent weeks as evidence suggests a cooling of inflation, indicating that interest rates may have peaked, with no imminent signs of a recession in the US.

In the US, this same economic backdrop has led to a resurgence in technology stocks, particularly those of major companies. Apple, in particular, has witnessed a surge of over 50% in 2023, adding approximately $1 trillion in market value.

This recent rally for Apple marks a significant turnaround from October, when the stock faced pressure due to concerns about revenue growth and sales in China.

On Wall Street, analysts anticipate that Apple’s revenue will experience a rebound in 2024 as demand for smartphones, laptops, and computers picks up, contributing to the positive outlook for the company.