Apple Store interiorSource: Apple

What you need to know

  • Apple is worth more than the US energy sector.
  • Apple is valued at $1.2 trillion.
  • The energy sector is valued at just $1.12 trillion.

Apple is worth more than all the large-cap energy companies in the United States, according to a new report by the Financial Times (via Cult of Mac).

The report says that Apple's current market cap of almost $1.2 trillion eclipses that of the S&P 500 energy sector which is worth $1.02 trillion. That's on the back of a strong year for Apple shares which this month reached a new high of $267.84 each.

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By contrast, things aren't going so well for energy companies at the moment.

Oil prices have failed to claw back the losses of the last quarter of 2018, and have mostly meandered around the $60-$70 a barrel range. Natural resources in general have been weighed down by concerns over slowing global economic growth, exacerbated by rising trade tensions between Washington and Beijing.

Apple's current strength is interesting given the relatively slow iPhone sales it's experienced in the last year. With products like AirPods and AirPods Pro helping to pick up the slack, and services proving lucrative, Apple continues to post strong numbers.