Apple is now worth as much as all 32 eurozone banks by market cap of free-flow shares, reports Reuters. All 32 banks including Spain’s Santander, Germany’s Deutsche Bank and Italy’s Unicredit fell sharply in share price, causing the parity.
The news comes from Thomson Reuters data which shows that the euro zone banks index fell 4%, which caused all 32 of its members to be valued at $340 billion based on the market cap of free-flow shares. This comes in the middle of a massive downturn in the DJ STOXX index, which has fallen by 1/3 since July.
The euro zone banks have lost 3/4 of their value since May of 2001, while Apple has been ascendant, reaching a market cap of $340 billion on the back of strong sales and outlook. Earlier this month it even surpassed Exxon Mobil as the most valuable company in the world by market cap. This is only the latest in a series of comparisons that shows how well Apple has handled its business in the last few years. Last year it surpassed Microsoft as the most valuable tech company and earlier this year it passed up Google in brand value.