This U.S. Tech Giant Is About to Outperform France's Whole Stock Market Apple has a $3.1 trillion market cap.
By Amanda Breen
Key Takeaways
- Driven by cooling inflation and peak interest rates, Apple's shares hit a new high, mirroring the rally in French luxury stocks.
- Analysts predict revenue growth for Apple in 2024 with AI advancements and a rebound in tech demand.
Apple Inc., the globe's top publicly traded company, continues to enjoy sustained market success.
Apple set another record high as trading sessions concluded on Thursday, bringing its market capitalization to a staggering $3.1 trillion — a figure now rivaling the total market value of France's entire stock market, which stood at roughly $3.2 trillion, Bloomberg reported.
Image Credit: Justin Sullivan | Getty Images
Related: Apple Becomes World's First-Ever $3 Trillion Company
Last year, Apple and France repeatedly traded places as fluctuating stock values responded to aggressive interest rate hikes from central banks targeting inflation. A Pew Research Analysis of data from 44 advanced economies found that consumer prices were up significantly post-pandemic, with Turkey seeing the highest inflation rate at 54.8%.
After a mid-year dip, the French stock market roared back to life with the help of its high-end luxury sector, with brands like LVMH and Hermes International SCA leading the charge, and was fueled further by softened inflation figures that hint at a possible interest rate plateau, per Bloomberg.
At the same time, the U.S. saw a resurgence in tech stock investments, particularly those in industry-leading firms. Apple, with its shares up over 50% in 2023, is a prime example, having accrued roughly $1 trillion in market value this year alone. Thursday's trading closed with Apple's shares slightly up at a record-setting $198.11.
This recent momentum is a significant turnaround from October's concerns regarding Apple's revenue growth and Chinese sales. Citigroup Inc. analyst Atif Malik told the outlet that Apple's strong services sales and commodity price benefits will continue to contribute to its enduring appeal.
"We expect the above trends to continue next year, and view AI Phones and Vision Pro adoption as potential upside catalysts," he said.
