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Thread: Article: Reuters: Apple Now Bigger Than Europe's Top 32 Banks

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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,
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    MMi Staff Writer Michael Essany's Avatar
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    Default Reuters: Apple Now Bigger Than Europe's Top 32 Top Banks


    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.
    The euro zone banks have shed an incredible three-quarters of their total value since May 2007, when their value was at all-time highs.

    Source: CNBC

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    The more entertaining part is Apple sells products to consumers as luxury items as they are not required to live. Most of its hardware and production is done by other companies as there isn't Apple factories directly. Exxon is a major oil producer which makes the world go round and has a lot of physical assets like tanks, land, refineries, etc.

    Just entertaining that a consumer luxury item is now more valuable than pretty much need in this world.

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    formerly known as Method2001 TheGrandFinale2001's Avatar
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    Wow, Apple's growth continues to amaze me. Sometimes I don't realize how big Apple is until I hear about these numbers. Sometimes it scares me but as long as they keep pumping out the iPhone I will be alright lol.

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    Meh.

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    Quote Originally Posted by boxxa View Post
    The more entertaining part is Apple sells products to consumers as luxury items as they are not required to live. Most of its hardware and production is done by other companies as there isn't Apple factories directly. Exxon is a major oil producer which makes the world go round and has a lot of physical assets like tanks, land, refineries, etc.

    Just entertaining that a consumer luxury item is now more valuable than pretty much need in this world.
    What's more is that many parts are made from oil... you would think that Apple would be helping oil production ... right!

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    Quote Originally Posted by boxxa View Post
    The more entertaining part is Apple sells products to consumers as luxury items as they are not required to live. Most of its hardware and production is done by other companies as there isn't Apple factories directly. Exxon is a major oil producer which makes the world go round and has a lot of physical assets like tanks, land, refineries, etc.

    Just entertaining that a consumer luxury item is now more valuable than pretty much need in this world.
    Totally agree with you. It's very sad, indeed, to see what our society has become. Nevertheless, Apple always seizes to amaze me.

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    Quote Originally Posted by ghostroke View Post
    . Nevertheless, Apple always seizes to amaze me.
    They always have seizures to amaze you?
    Last edited by RICO_; 08-20-2011 at 05:27 AM.

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    How big you are the biggest is the fall !!!!

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    Quote Originally Posted by jrrtps View Post
    How big you are the biggest is the fall !!!!
    Agreed. They're growing way too fast and that type of growth simply will not last.

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