As of yesterday’s market close, Apple is now worth more than the entire US energy sector.
According to Bank of America Merrill Lynch analysts (via Business Insider), the Cupertino company is now worth more than every one of the 500 biggest American energy companies — including Chevron and ExxonMobil — combined.
“The tech giant closed Thursday with a $1.17 trillion market cap, maintaining its position as the world’s most valuable public company,” reads the report. “The S&P 500 Energy index closed with a $1.13 trillion market cap, dragged lower by ExxonMobil, Chevron, and ConocoPhillips.”
The analysts noted that Apple’s stock is up 66.5 percent on the year and that Apple still has room to grow.
“Despite Apple’s strong momentum through 2019, BAML analysts said it still has room to grow,” reads the report. “The tech giant is ‘on course for 82.6% gain’ through the end of the year, the team led by chief investment strategist Michael Hartnett wrote.”
The report also noted that Apple’s proceeds from its “euro-denominated green bond” will be used to develop energy-efficient products:
The analysts also highlighted a euro-denominated green bond Apple priced November 7. The company issued 2 billion euros worth of six- and 12-year bonds, with the shorter-period debt featuring a 0% coupon. Coupon rates describe the rate of interest a bond pays annually, while a bond’s yield is the rate of return it generates for a holder.
The debt offering’s proceeds will be used to develop energy-efficient products and cut carbon emissions in the company’s supply chain, Apple said in a statement.
Aa the Cupertino company introduced a number of new services this year, including news subscription service Apple News+ and streaming service Apple TV+, it seems as if the company only has room to grow.