The market value of US technology company Apple is now exceeds the combined worth of tech giants Alphabet (the parent company of Google), Amazon and Meta (the parent company of Facebook, WhatsApp and Instagram) as the its market cap soared to a phenomenal $2.307 trillion on Wednesday, according to Yahoo! Finance data.
The total market caps of the other three tech giants 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.
Apple shares rose more than 8% on Friday after its fourth-quarter financial results which added $178 billion to the company’s market capitalization.
On the other hand, Meta shares plummeted more than 20% per cent, Amazon declined 10%, while Alphabet too recorded a drop after the three companies announced weak earnings for Q4.
This saw their market caps plunge with Amazon being ousted from the top trillion-dollar club companies.
As per Market Watch, the contrast illustrates the sharp comedown in technology shares this year. Apple was worth $2.913 trillion to close out 2021, according to Dow Jones Market Data. The grouping of Alphabet, Amazon and Meta was worth $4.410 trillion at that time.
It is reported that over the past five sessions, Apple’s stock has risen 0.16 per cent, while Alphabet has fallen 5.7% per cent, Amazon is down 17.0 per cent and Meta has lost 7.6 per cent over that period.
