Apple’s net worth has officially set its market value higher than the entire US energy industry, including Chevron and ExxonMobil.
According to Merrill Lynch, who is an analyst for Bank of America, Apple is now valued more than the entire US energy sector.
Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services.
Apple is considered one of the Big Four tech companies along with Amazon, Google, and Facebook.
Apple increased in market value on Thursday with a $1.17 trillion market cap.
Compared to S&P 500 Energy index which closed with a $1.13 trillion market cap, dragged lower by ExxonMobil, Chevron, and ConocoPhillips.
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The iPhone-maker’s stock surged after impressing investors with its fiscal fourth-quarter earnings. Apple topped Wall Street’s estimates for both revenue and profits as its wearable products and online services offset slowing iPhone sales.
According to PM news, The company is up about 8% since the October 30 report and posted a record-high close Wednesday.
Apple is heading for an 82.6% gain before the end of the year. The company traded at $263.87 at 9:05 a.m. ET Friday, up roughly 0.47% from Thursday’s close.