“Technology companies have grown so large that they’ve surpassed the economic value of major American cities, according to data from Bank of America-Merrill Lynch, which compared company market capitalizations to metropolitan gross domestic product,” Vlastelica reports. “At current levels, Apple Inc’s market capitalization of about $803 billion is 38% larger than Chicago, which had a real GDP of $581 billion in 2016. ”
“Apple is less than 4% from surpassing Los Angeles, which had a real GDP of $832 billion last year and was the second-largest city in the country by this metric,” Vlastelica reports. “The iPhone maker is a long way from the top spot, however. Apple would need to grow about 85% for it to top the Big Apple — New York City, whose GDP was an eye-popping $1.483 trillion last year.”
Read more in the full article here.
MacDailyNews Take: This is an, uh, an apple to oranges comparison, not to mention that the city’s finances are, to be be charitable, on very shaky ground, especially with the Chicago Public Schools system being $596 million in the hole. Granted that not-so-little issue along with many others doesn’t change Chicago’s GDP, but the comparison of a city’s GDP to a company’s market cap is nonsensical regardless.
[Thanks to MacDailyNews Reader “botvinnik” for the heads up.]