Home » Apple’s current market cap of $2.8 trillion ranks it 8th globally, surpassing Germany and Canada

Apple’s current market cap of $2.8 trillion ranks it 8th globally, surpassing Germany and Canada

by Simon Jones Tech Reporter
21st Mar 24 4:31 pm

Apple Inc. has solidified its position as one of the world’s top stock market giants, boasting a market capitalization of $2.8 trillion.

According to Stocklytics.com, the tech giant is in 8th position among the world’s stock exchanges.

With this, Apple is ahead of stock exchanges in countries such as Germany and Canada in terms of stock market valuation.

Stocklytics Financial Analyst Edith Reads commented on the data, saying, “Apple’s remarkable market performance can be attributed to a number of factors, including strong consumer demand for its products, a loyal customer base, and a resilient business model.”

US leads the ranking

The United States leads the pack with a staggering market cap of $52.6 trillion, followed closely by China at $11.5 trillion and Japan at $6.5 trillion.

Interestingly, India has emerged as a formidable player, climbing the ranks to become the fourth-largest equity market worldwide. With a market cap surpassing $4 trillion for the first time, India’s stock market has demonstrated impressive growth, positioning the country as one of the top performers among emerging markets.

In contrast, China and Hong Kong stock markets have experienced significant declines, collectively shedding an estimated $6 trillion in valuation since their peak in 2021. Moreover, the Hang Seng Index, a key indicator of Hong Kong’s stock market health, has tumbled by over 40% in the past five years alone.

Apple continues to show impressive prospects

Apple’s iPhone and Mac devices reportedly did considerably well compared to the iPad despite the flat global demand. The iPhone revenue was $69.7 billion, up 6% year over year. Meanwhile, revenue from Mac stood at $7.78 billion. The iPad revenue was $7.02 billion.

With services, Apple earned $23.12 billion in revenue in 2023. This bodes well for Apple as it begins selling its first spatial computer, Vision Pro, starting in the US and moving to other international markets.

Moreover, the Vision Pro has a lot of potential to become Apple’s next growth engine, as it can drive customers to go for Arcade gaming service to access AR/VR titles and related in-app purchases.

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