The 10th of November 2022 will go down in stock market history as a historic day. Apple’s nearly $191 billion market value surge on Thursday was the most ever by a US-listed company. as per the Bloomberg report. Apple also conducted its quarterly dividend payout yesterday, after declaring it on October 27th.
The world’s most valuable company added $190.9 billion in market value, as softer-than-expected inflation data attributed to a surge in equity markets. This jump made Apple overtake Amazon‘s $190.8 billion surge in February.
The Dow Jones Industrial Average jumped 1,201.43 points, or 3.7%, to 33,715.37, as per a CNBC report, whereas the S&P 500 jumped 5.54% to 3,956.37 in its biggest rally since April 2020. The Nasdaq Composite surged 7.35%, its best since March 2020, closing at 11,114.15.
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Apple, which after Thursday’s 8.8% jump has a market capitalization of $2.34 trillion, now accounts for four out of the top five biggest daily gains, as per the report.
However, Apple’s stock price is still down about 19% year to date. In September, a rare analyst downgrade by Bank of America exacerbated another wave of selling pressure. wherein Apple saw roughly $120 billion wiped out from the company’s market capitalization in a single day.
And recently, Apple confirmed a lower production capacity for the iPhone 14 Pro and Pro Max due to the ongoing COVID-19 lockdowns in Zhengzhou, China. It has also reportedly lowered iPhone 14 and iPhone 14 Plus production by 3 million units to 87 million, compared to the initial target of 90 million.
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Tesla To Be Worth More Than Apple & Saudi Aramco?
In a bold prediction by the world’s richest person, Elon Musk last month, the billionaire said that he sees Tesla becoming bigger than the combined valuation of Apple and Saudi Aramco one day.
But no, this is not the first time he has said so.
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After releasing Tesla’s quarterly results later in October, Musk discussed Tesla’s valuation. As per the Apple Insider report, a while ago, Musk had mentioned, “I said on an earnings call that I thought it was possible for Tesla to be worth more than Apple, which was worth (approximately) $700 billion at the time.
A “while ago” here refers way back to May 2017. At that time, Apple was worth $772 billion, and Tesla trailed at $51 billion. Apple, at present, is valued at $2.34 trillion and is currently the most valuable company in the world.
Elon Musk continued, “Now I’m of the opinion that we can far exceed Apple’s current market cap. I see a path for Tesla to be worth more than Apple and Saudi Aramco combined. “
Saudi Aramco, which is a petroleum and natural gas giant, has a current value of $2 trillion. Earlier in May 2022, Saudi Aramco briefly surpassed Apple as the most valuable company in the world.
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