There’s no doubt that big tech companies have bounced hard since COVID-19 laid waste to global stock markets, but none have bounced quite as spectacularly as Tesla.
Still, even after removing Tesla as an outlier, a dozen companies in the tech-heavy NASDAQ 100 (NDX) have seen their share prices more than double since the index’s 2020 low on March 23.
That list includes the “Argentinian Alibaba” Mercadolibre, up an eye-twitching 166% since the NDX’s COVID crash, and fintech giant PayPal, which has bounced from $85.26 all the way to $198.18 in just 5 months.
Not quite as big as Tesla‘s 360% recovery, but still remarkable.
NVIDIA, eBay, Align Technology, and Lululemon all staged remarkable comebacks too, up 128%, 118%, 115%, and 112% respectively.
The only plausible explanation for the latter pair being the importance of looking good for Insta during the lockdown.
As it turns out, they all bounced harder than Apple. The maker of the iPhone has only managed a disrespectful 111% since NDX’s lowest point this year but nonetheless contributed to sending the NDX to record highs this year, despite the global chaos.
But in terms of market values, no NDX company has added more dollars to their capitalizations than Apple.
Apple was worth $959 million on March 23, and now it’s worth more than $2 trillion — the largest company in the US, tech or otherwise.
This means Apple‘s COVID-19 bounce is now valued in excess of $1 trillion.