Apple Inc., the iPhone maker, has bounced back at the top of the tech heap, becoming the most valuable public company in the world for a second time after it lost the title to Microsoft in 2018.
Boosted by a small increase in its share price rise as the markets opened last Tuesday afternoon, the market capitalisation of the tech giant increased to $820.8 billion (£633.1 billion), an increase from hitting a low of $672.5 billion last January
However, its FAANG rivals – the stock market acronym that is given to big tech companies Facebook, Apple, Amazon, Netflix and Google – are not lingering too far behind. Microsoft is sitting on the coattails of Apple at $818.8 billion, while Amazon is close behind at $815.9 billion.
Last December, Apple lost its title after the iPhone creator revealed a worrying set of results for its third quarter. For the first time in 15 years, Microsoft took the top spot.
This year, the three tech powerhouses have been consistently shuffling places, with Amazon also rising to the top spot a few times.
The news comes after five straight days of gains for Apple that was powered by a surprise earnings beat last week. The tech giant seemed to be coming out the other side following a tumultuous January, in which Tim Cook, the chief executive of Apple, published the company’s first warning to investors in 15 years.
He blamed the global smartphone slowdown and weak trading conditions in China, where the sales of Apple’s iPhone are believed to have declined. Last year, the Cupertino-based firm stopped disclosing information on specific unit sales.
The other two companies of the FAANGs are also gaining their pace, with Google valued at $785 billion and Facebook at $490 billion.
The news comes after Apple disclosed that it had reached a deal with the French government last Tuesday to pay an undisclosed amount of back-dated tax. Some local media outlets have valued the sum at approximately €500 million (£440.8 million).
In a statement, Apple France stated: “As a multinational company, Apple is regularly audited by fiscal authorities around the world.”
It added: “The French tax administration recently concluded a multi-year audit on the company’s French accounts, and those details will be published in our public accounts.”