Due to the pummeling share prices throughout European banking sector this week, Apple’s valuation is now equal to all 32 of the biggest euro zone banks combined, according to a report by Reuters.
This was because the DJ STOXX euro zone banks index reduced value by third of its value since the start of July, caused by declines in the share price of big banks such as France’s BJP Paribas and Spain’s Santander. The euro zone banks have lost three-quarters of their value since peaking in May 2007.
The index fell an additional 4 percent on Friday, causing the combined value of its 32 members to $340 billion. That’s the market cap Apple has achieved in recent months due to innovative products like the iPod, iPhone, and iPad.
Apple has seen a significant number of financial achievements this year, and the graph above is just mind blowing. A company that was nearly dead at one point has seen a growth of nearly 4000% in the past 10 years, has more cash in the bank than the US Government, is worth as much as all Euro Zone banks combined, and is the most valuable company in the world.