At a whopping $2.6 trillion, while India’s GDP is the sixth largest in the world, its intriguing to find that just three world leading tech behemoths’ combined market cap nearly make up the entire nation’s GDP.
At a whopping $2.6 trillion, while India’s GDP is the sixth largest in the world, its intriguing to find that just three world leading technology behemoths’ combined market cap nearly make up the entire nation’s GDP. After the recent carnage in technology shares, while Apple retains the spot of being the world’s largest company in terms of market value, Microsoft has pipped Jeff Bezos-led Amazon Inc to grab the second place.
After the recent rout, Microsoft shares are now worth $821 billion, $20 billion more than e-commerce giant Amazon. At the end of yesterday’s close, Amazon’s market capitalisation has fallen to $801.2 billion. Tech belemoth Apple, with a market cap of $1.04 trillion retains the top spot, and the distinction of being world’s only trillion dollar value firm.
The combined market capitalisation of these three firms collectively adds up to $2.66 trillion, above India’s GDP of $2.6 trillion. While Amazon was the second largest firm by market cap, it lost the spot after a vicious sell-off in the shares erased $68.1 billion in market capitalization yesterday, after the company fell short of Wall Street’s revenue expectations in the third quarter. World’s richest man Jeff Bezos-run mammoth e-commerce bellwether plunged 7.8% on the week’s final day of trading, the stock’s worst day since Oct. 24, 2014. Following the rout, Jeff Bezos is estimated to have lost $11 billion in equity value.
Apple Inc hit the much-anticipated mark of $1 trillion in stock market value for the first time on August 3rd this year and became the first company of the United States to achieve the remarkable feat. Other than Apple, a Chinese firm PetroChina breached the market capitalisation of about $1.1 trillion upon its IPO (initial public offering) in 2007.