Out of all the U.S. tech giants, Apple appears to be the most successful at navigating the bear market storm.
Case in point: for a brief moment last week, Apple’s market capitalization exceeded that of Alphabet, Amazon, and Meta – combined.
According to Yahoo Finance, Apple’s valuation at the end of the day on Wednesday was $2.31 trillion, while Alphabet, Amazon, and Meta’s valuation combined was $2.3 trillion.
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The numbers changed since, with Apple’s market cap falling to $2.21 trillion at writing time. But it’s a testament to how resilient Apple’s business is in the wake of a global financial crisis that saw stocks plummeting in the past year or so.
Yes, Apple’s stock, currently trading at $138.9, lost some ground since its record value of $179.5 in Dec. 2021. But it’s still up from June this year, thanks to strong earnings results in the third quarter of 2022.
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Alphabet and Amazon aren’t doing nearly as well; Alphabet’s stock is trading at $83.4, down from all-time-high of $148.9, while Amazon’s stock is at $89.3, down from its record value of $186.
The worst offender, however, is Meta, whose stock has dumped to the depths unseen since 2015, partially fuelled by the company’s insistence on spending many billions of dollars on the loosely-conceived, and still largely unproven virtual reality ecosystem called the Metaverse.
Meta’s stock is currently trading at $88.9, down from its record value of $378.7 in Sept. 2021. The company’s market cap has fallen to just $235.8 billion, making it the 34th largest company in the world — a steep decline, given that it was once the world’s sixth largest company, valued at $1.07 trillion.