The rally in Apple Inc., the world’s most valuable publicly traded company, is showing no signs of easing. After closing at a record high on Wednesday, the iPhone maker’s market value is approaching that of Europe’s largest stock market: France.
The combined market value of companies listed in Paris was about $3.2 trillion as of Wednesday’s close versus the technology giant’s $3.1 trillion, according to an index compiled by Bloomberg. Apple is larger than all but the six largest stock markets in the world.
It’s not the first time the Cupertino, California-based company eclipsed Paris in 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.
The French stock market itself 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.
In the US, that same backdrop has driven a renewed surge in technology stocks, especially the biggest companies. Apple has soared more than 50% in 2023, adding about $1 trillion in market value.
The recent surge for Apple is a big reversal from October, when the stock was pressured by concerns about revenue growth and sales in China.
Wall Street projects that the company’s revenue will re-accelerate in 2024 as demand for smartphones, laptops and computers rebounds, according to the average of analyst estimates compiled by Bloomberg.