As the world's most valuable listed company, Apple's gains show no signs of abating. On Wednesday local time, Apple’s stock price reached a new high, and its market value was even close to that of Europe’s largest stock market: France. As of the close on Wednesday Eastern Time, Apple's stock price rose 1.7% to US$197.96, a record high, with a market value of US$3.08 trillion. The total market value of all companies listed in Paris is approximately US$3.2 trillion.
Apple has previously surpassed the French stock market in value. The two sides swapped places several times during the sell-off in the second half of last year as central banks raised interest rates to combat inflation.
French stocks also hit record highs this week, driven by luxury goods companies such as Louis Vuitton owner LVMH and Hermes International. The stocks began to retreat over the summer but have rebounded again in recent weeks. This is mainly because there is growing evidence that inflation is cooling, so interest rates may have peaked, and there are no signs of recession in the United States.
In the U.S., the same backdrop is driving another surge in technology stocks, especially the largest companies. So far this year, Apple's stock price has surged more than 50%, adding about $1 trillion to its market value.
This is in stark contrast to October, when the stock suffered from revenue growth pressure. Wall Street now expects Apple's revenue to return to rapid growth in 2024 as demand for smartphones, laptops and desktops rebounds.