Despite another week marked by wicked tech stock selling, Apple continues to wow analysts and market watchers with its unrelenting growth. According to an eye-opening report from CNBC this morning, Apple is now worth as much as the 32 biggest euro zone banks.
On August 9th, Apple became the most valuable company in the world (although just briefly), bumping ExonnMobil to second. As of last Tuesday, Apple's valuation was approximately $341.55 billion, while Exxon's was $341.42 billion.
Almost unfathomable only a few short years ago, Apple's recent accomplishment was tagged by another feat today. Thanks in part to the massive decline in the share price of European banks including Spain's Santander, France's BNP Paribas, Germany's Deutsche Bank, and Italy's Unicredit, Apple is now more valuable than the top 32 banks in Europe.
The index has crashed by a third since the start of July, hammered by fears banks will lose billions from their holdings of euro zone government bonds and a failure of policymakers to stop a euro zone debt crisis from spreading.