Apple stock reached record highs this week, with shares hitting about $197. The tech giant's market capitalization now stands at an impressive $3.08 trillion, surpassing the GDPs of all but six countries worldwide.
According to data from the World Bank, the economies larger than Apple's market cap include the United States at the top with $25.5 trillion, followed by China ($18 trillion), Japan ($4.2 trillion), Germany ($4.07 trillion), India ($3.4 trillion), and the United Kingdom ($3.07 trillion). France, the seventh largest economy, has a GDP of approximately $2.78 trillion, while Russia is eighth with a $2.24 trillion economy.
Apple's market cap is even approaching that of the entire Paris stock market, which is valued at around $3.2 trillion and comprises companies like luxury-goods makers LVMH and Hermes.
This year, Apple's stock has surged by 55%, but it was only this month that it surpassed the $3 trillion mark. The Federal Reserve's recent meeting, where policymakers hinted at the potential for three rate cuts in 2024, fueled a significant stock market rally and pushed Apple's market cap higher.
For the fifth consecutive year, Apple is on track to end the year as the most valuable company globally. It has outperformed not only the S&P 500 index but also other major benchmarks.
While Apple's success is undeniable, it raises questions about the concentration of wealth and power in the tech industry. With a market cap exceeding the GDPs of entire nations, the influence and reach of Apple are substantial. Critics argue that such dominance could have broader implications for competition and market dynamics.
As Apple continues to break records and dominate the market, it remains to be seen how regulators and policymakers will respond to the increasing concentration of power in the hands of a few tech giants.