Featured Image Credit: Robert Evans / REUTERS / Alamy Stock Photo
Topics: Technology
Emma Guinness
Apple is now officially worth more than its rivals Amazon, Alphabet and Meta combined, it was announced on Wednesday (2 November).
The news was reported by Yahoo Finance data and came following mega quarterly losses in the industry that prompted the sale of a lot of stock.
Unlike its rivals, following the disappointing Big Tech quarterly results, the value of Apple shares increased by eight percent.
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Alphabet's shares, meanwhile, declined in value by a percent, but Meta's dropped by a significant 20 percent and Amazon's reduced in value by around 10 percent.
So, what do these results mean in layman's terms? In a nutshell, the amount of money available for advertising is decreasing.
Other factors have also affected the industry and people's willingness to invest big bucks into it including the ongoing war in Ukraine as well as rising inflation and interest rates.
Iconic tech brand Apple had a value of $2.307 trillion, while Alphabet - that's Google's parent company - was valued at $1.126 trillion, Amazon at $939.78 billion and Meta - AKA Facebook - came in at $240.07 billion.
It's also worth noting that while Apple is now ahead of its competitors, it is still worth less than it was at the end of 2021 when it was valued at close to $3 trillion, as reported by Reuters.
The news comes after theories about why Steve Jobs called his company Apple recently resurfaced.
While there have been a number of theories, including it being a homage to the Beatles' Apple Records, the most reliable arguably comes from its co-founder, Steve Wozniak.
He revealed in his book: "It was a couple of weeks later when we came up with a name for the partnership.
"I remember I was driving Steve Jobs back from the airport along Highway 85.
"Steve was coming back from a visit to Oregon to a place he called an 'apple orchard'.
"It was actually some kind of commune.
"Steve suggested a name - Apple Computer. The first comment out of my mouth was, 'What about Apple Records?'
"This was (and still is) the Beatles-owned record label.
"We both tried to come up with technical-sounding names that were better, but we couldn't think of any good ones.
"Apple was so much better - better than any other name we could think of.
"After trying to think of better and more technical names, both Jobs and I realised that Apple was a good fit."