Apple Inc.'s AAPL market value is reportedly approaching that of Europe's largest stock market, France, after closing at a record high yesterday.
As of Wednesday's market close, the total market value of companies listed on the Paris Stock Exchange reached approximately $3.2 trillion, slightly surpassing the technology giant's $3.1 trillion market capitalization, as per Bloomberg report, citing its index compilation.
As per the report, it's not the first time the California-based tech giant eclipsed Paris in value. The duo switched positions several times during last year's second-half selloff, mirroring raised interest rates.
AAPL shares closed 1.67% higher yesterday at $197.96. Over the last one year, AAPL shares rose over 38%.
The stock's impressive 38.23% surge in last one year has led to a market capitalization of approximately $3.079 trillion.
Apple's enormous market value surpasses all except the world's six largest stock markets, Bloomberg notes.
Apple's stock experienced a significant turnaround from October, when it faced downward pressure due to worries about revenue expansion and sales performance in China. China's decision to expand its prohibition on iPhones within key sectors, including government-supported agencies and state-owned enterprises, indicates growing challenges for Apple.
However, the company's increased interest in India is the highlight of recent times.
The iPhone maker and its partner suppliers reportedly plan to manufacture over 50 million iPhones annually in India in two to three years to increase production by tens of millions more in the subsequent years.
These developments signify that Apple intends to have the capacity to make at least 50 million to 60 million iPhones in India annually within two to three years. Annual capacity could grow by millions of units after that.
In fact, Apple supplier Foxconn Technology Co., Ltd. FXCOF, has reportedly received approval to invest an additional $1 billion in its India-based manufacturing plant, significantly advancing its objective to establish a production hub outside of China.
Citigroup analyst Atif Malik, in a note, emphasized the overlooked aspect of structural gross margin expansion in Apple's stock, stating, 'The bears on the stock are missing the structural gross margin expansion story,' and highlighted the iPhone's high-end market stance, a boost in services sales, and advantages from commodity prices, which Bloomberg notes.
In fact, recent news report by CNBC notes that the worldwide smartphone market has recently experienced a notable upturn in sales, thanks to the re-emergence of Huawei in China, and the impact of Apple's iPhone 15 release.
Read Next: Apple's iPhone 15 Boosts Global Smartphone Sales, Ending 27-month Decline: Report
Price Action: AAPL shares are trading higher by 0.55% to $199.05 on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Via Wikimedia Commons
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