November 4, 2022
Apple’s market capitalization reached $2.307 trillion on November 3, making it more valuable than Amazon, Alphabet (Google’s parent company), and Meta combined, which stood at $2.306 trillion.
Amazon’s market capitalization at the time of the closure was $939.78 billion. Facebook’s parent company Meta closed at $240.07 billion. While Google parent Alphabet’s market capitalization stood at $1.126 trillion, totaling $2.306 trillion, it fell short of Apple’s valuation of $2.307 trillion.
Apple shares rose 0.16 percent in the last two sessions. Meanwhile, the shares of the other tech giants – Alphabet, Meta and Amazon – fell. While Meta fell 7.6 percent, Amazon fell 17 percent. Alphabet’s stock fell 5.7 percent. Apple’s stock closed at 138.88 dollars. The intraday high was $142.80. After the release of its earnings, Apple stock rose 8%.
Big-tech stocks suffered a brutal plunge last week as a result of disappointing quarterly profits, while Apple stock outperformed its peers after outperforming Wall Street’s fourth-quarter revenue and profit forecasts.
Profits at Alphabet, Amazon, and Meta suggest that demand for digital advertising is slowing, and the overwhelming results helped wipe billions of dollars off their market value as their shares fell, pushing Amazon out of the trillion-dollar club.
The sources for this piece include an article in Yahoo.
