- Bloomberg reports that Apple, the tech giant, saw its market value soar to $190.9 billion Thursday.
- The market cap of the company soared to $2.34 trillion due to Apple’s shares rising 9% amid a wider rally.
- After briefly being overthrown by Saudi Aramco earlier in the year, it has been reestablished as the world’s largest company.
Tech giant Apple hit a huge milestone on Thursday when its market value surged $190.9 billion in a single day — a record for a US-listed company, per Bloomberg.
This is due to a market rally that saw Apple’s market capitalization soar to $2.34 trillion.
Shares of Apple — now the world’s most valuable company — closed 8.9% higher at $146.87 on Thursday alongside a broader stock market surge. Data showed that the data was what fueled this surge. Inflation in the USA cooled in OctoberIt was hoped that the Federal Reserve would reduce its rate of interest rate increases, which fueled optimism.
Despite Thursday’s rally it has been a tough year for tech stocks, which have been hit by rising inflation, rising rates of interest, and uncertainty from Ukraine’s war.
The tech-focused Nasdaq100 index closed 7.5% lower on Thursday, but it is still 29% higher this year.
However, Apple iPhone makerWhile the share price fell 17% last year, it still outperformed its predecessor. Big Tech peersIts better-than-expected fourth quarter earnings on October 27, were thanks to. Analysts reported Insider’s Theron MohammadApple’s strong branding and wealthy customers support the company.
Comparatively Amazon’sThe share price has fallen 42% MetaIt has fallen 67% NetflixThe drop in 54% has been remarkable, AlphabetIn 2022, the economy has sunk by 35%
