The world gawked two years ago when Apple Inc.’s market value crossed US$1 trillion ($1.37 trillion) for the first time. But the feat was less noteworthy when viewed from another perspective: relative size.
That’s because, even with a 13-digit price tag, Apple’s place among its peers in August 2018 wasn’t unprecedented -- it had gotten bigger, but so had the whole market. As a result, its weighting in the S&P 500 remained comparable to past titans in their heyday, such as Exxon Mobil Corp. and IBM Corp.
Almost US$900 billion worth of market cap later, that’s changing: Apple’s stock market heft has entered uncharted waters. Thanks to more than doubling since last August, its weighting in the S&P 500 just leapfrogged IBM’s in 1985 to become the biggest in 40 years.