Apple is now worth more than fellow tech giants Alphabet, Amazon and Meta combined, after it ended trading Wednesday with a market value of $2.307 trillion. The iPhone maker’s worth stands at $2.307 trillion, while its tech peers add up to $2.306 trillion. Tech stocks have suffered after posting poor quarterly earnings, but Apple dodged a wipeout.
At the same time, the market caps of its three tech giant peers added up to $2.306 trillion at the close of trading Wednesday. Google parent Alphabet’s market cap stood at $1.126 trillion, Amazon’s at $939.78 billion and Facebook parent Meta’s at $240.07 billion, Yahoo Finance data showed.
Overall, Big Tech stocks suffered a brutal selloff last week on the back of disappointing quarterly earnings. But Apple’s stock has outperformed its peers after it beat Wall Street’s revenue and profit forecast for its fourth quarter.
The iPhone maker’s shares soared 8% in the wake of its results. After their earnings reports, Meta plunged more than 20%, Amazon fell about 10%, while Alphabet saw a single-digit decline.
Alphabet, Amazon and Meta’s lackluster earnings signaled that demand for digital advertising is flagging. The poorly-received results have helped wipe billions off their market values as their shares fell, and pushed Amazon out of the trillion dollar market cap club.
Over the past five sessions, Apple’s stock has risen 0.16%, while Alphabet has fallen 5.7%, Amazon is down 17.0% and Meta has lost 7.6% over that period.
Despite Apple’s achievement, its market cap has fallen back from its $2.193 trillion value at the end of 2021. A series of headwinds — high inflation, rising interest rates, fears of recession and the Ukraine war among them — have meant tech stocks have struggled in 2022 as investors lost appetite for higher risk assets.This story was amended to correct the market cap figure in the headline. Apple’s market value is $2.307 trillion, not $2.037 trillion.