As iPhone maker's shares soar, Apple market value exceeds these countries' GDP

Tech giant Apple Inc’s market capitalisation crossed the $3 trillion mark for the first time on June 30 as the shares of the NASDAQ listed company closed at a record high of $193.97 apiece. The stock has gained more than 50 per cent this year so far and the market cap of the iPhone maker has surged nearly $942 billion during this period.  

The rise in market cap has now put the US tech giant either ahead of or equivalent to the Gross Domestic Product (GDP) of several major countries. Only six countries in the world—the United States, China, the United Kingdom, India, Germany, and Japan—have a GDP that is higher than Apple's total market value.

Apple Inc’s Market Cap surpasses GDP of major economies

Apple has surpassed the GDP of major economies like Italy, Canada, Australia, Brazil, Russia and France.   

Apple shares closed at $191.81 apiece with a gain of 0.25 per cent on Thursday, July 6. Apple’s market capitalisation now stands at $3.02 trillion.

US tech giants like Apple, Google parent Alphabet, Microsoft, Amazon and Nvidia have together added nearly $3.2 trillion market cap in 2023. This is almost equal to India’s $3.5 trillion GDP.

The iPhone maker’s market value is also higher than the GDP of the countries like Spain, Switzerland, Indonesia, Turkey and Netherlands, among others. The market value of Apple Inc now stands far ahead of the GDP of many Gulf countries as well as Asian and African nations.

Notably, the latest gains in Apple's shares come amid news that the Federal Reserve may be decreasing the speed of interest rate hikes and buzz around the growing usage of Artificial Intelligence (AI). 

Further, Apple also saw higher-than-expected sales during its second quarter. With the introduction of fresh products in the market, including an augmented-reality headset, Vision Pro, the tech giant maintained its profitability in an unstable economy.