- Apple’s market cap is now larger than Alphabet, Amazon, and Meta combined.
- The iPhone maker is worth $2.307 trillion, compared with $2.306 trillion for its tech peers combined.
- Tech stocks took a hit after reporting poor quarterly earnings, but Apple survived.
This story was originally published on Business Insider.
Loren Elliott/Reuters via Business Insider
Apple was worth more than tech giants Alphabet, Amazon and Meta combined at $2.307 trillion after trading closed on Wednesday.
Meanwhile, its three tech giant peers had a combined market value of $2.306 trillion as of Wednesday’s close. According to Yahoo Finance data, Google’s parent company Alphabet has a market value of $1.126 trillion, Amazon’s $939.78 billion, and Facebook’s parent Meta, $240.07 billion.
Overall, big tech stocks suffered Last week’s brutal sell-off Against the backdrop of disappointing quarterly earnings.But Apple stock has outperformed its peers since then Beat Wall Street’s revenue and profit forecasts fourth quarter.
Shares of the iPhone maker surged 8% after the results. After the earnings report, Meta plunged more than 20%, Amazon fell about 10%, and Alphabet saw a single-digit decline.
letter, Amazon and meta The lackluster earnings suggest that demand for digital advertising is declining.Unpopular results have helped wipe billions of dollars off its market value as the share price fell, and Drive Amazon out of trillion-dollar market cap club.
Over the past five sessions, Apple shares rose 0.16%, Alphabet fell 5.7%, Amazon fell 17.0% and Meta fell 7.6%.
Despite Apple’s achievements, its market cap has fallen from $2.193 trillion at the end of 2021. A slew of headwinds — high inflation, rising interest rates, recession fears, and the Ukraine war among them — means tech stocks in 2022 as investors lose interest in riskier assets.
This story has been edited to correct the market cap figures in the title. Apple’s market cap is $2.307 trillion, not $2.037 trillion.
