Apple's Intraday Move Adds More Market Cap Than Coinbase's Total Worth

Zinger Key Points
  • Apple's 2.5% surge added $80.83 billion in market cap, more than each stock in the Russell 2000.
  • With internally developed "Ajax" framework, Apple is reportedly eyeing large language models akin to ChatGPT and Google’s Bard.

When an apple falls, it might not make much of a sound, but when shares of Apple Inc AAPL shift even slightly, everyone can hear it.

Shares of the Cupertino California-based company gained nearly 2.5% on Wednesday to a high of $198.22 before settling around a 0.33% gain. Given Apple's status as the world’s largest company by market cap, even the fractional movement added and erased billions of dollars of value within hours.

The Apple Move: Shares opened Wednesday at $193.10, and with the $198.22 peak, the difference of $5.12 per share from the opening price meant that Apple’s market cap swelled by a staggering $80.83 billion.

To contextualize the truly colossal figure, it’s more than the entire market cap of each of the 2,000 stocks within the Russell 2000 Index.

Apple’s intraday gain passed the total market values of companies like Super Micro Computer Inc SMCI, Chesapeake Energy CHK, Celsius Holdings Inc CELH, Snapchat Inc SNAP, Carvana Co CVNA, Palantir Technologies Inc PLTR, Coinbase Global Inc COIN, Unity Software Inc U and numerous others.

And what about that more modest 0.33% uptick? As inconsequential as it may seem, it amounts to a cool $10.261 billion.

To give you an idea of that kind of money, let’s time travel back to the early 1970s when the Sears Tower (now the Willis Tower) was constructed. The iconic building that reshaped Chicago’s skyline cost $175 million to build.

The market cap gain Apple saw Wednesday could fund the construction of nearly 59 Sears Towers.

What fueled the pop and drop? Apple’s push into the artificial intelligence arena may have something to do with it. As Benzinga reported earlier, the tech giant is developing AI tools to challenge rivals like OpenAI, Alphabet Inc's GOOG GOOGL Google and others.

Apple is laying the groundwork for large language models akin to ChatGPT and Google's Bard through its internally named “Ajax” framework, according to a Bloomberg story. More to that, Apple is said to have developed an in-house chatbot service nicknamed by some as "AppleGPT."

Read next: Stocks Extend Gains, Dow Tops 35,000, Dollar Rebounds: What’s Driving Markets Wednesday?

Photo via Shutterstock.

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