Apple is worth more than all large-cap US energy stocks put together, a new report for the Financial Times notes.
Apple’s current market cap is close to $1.2 trillion. That surpasses the value of the S&P 500 energy sector, valued at $1.12 trillion.
The report on Apple and the energy sector notes that:
“Oil prices have failed to claw back the losses of the last quarter of 2018, and have mostly meandered around the $60-$70 a barrel range. Natural resources in general have been weighed down by concerns over slowing global economic growth, exacerbated by rising trade tensions between Washington and Beijing.”
Meanwhile, Apple has rallied nearly 70% this year. Earlier this month, it hit a new high of $267.84 per share. This news is particularly good since it comes at a time when iPhone sales have slowed. While Apple would clearly like iPhone sales to pick up, Apple’s boom therefore can’t be credited entirely to the company’s superstar product. Instead, newer Apple divisions like wearables (helped by the blockbuster AirPods) have driven Apple upwards.
Right now, AAPL is valued at $267.25. While this is close to as valuable as Apple has ever been, it’s not the highest price of the company’s individual shares. The highest valuation for a single AAPL share was $705, which Apple hit in September 2012. However, Apple’s stock split 7-to-1 in 2014. That theoretically means that those pre-split stocks would now be worth more than $1,870 each.
Source: Financial Times