Apple has more money than Europe's largest banks.
For a short stint before the U.S. reached an agreement on the debt ceiling, Apple had more cash than Uncle Sam. Now they've eclipsed Europe's largest banks:
With a sharp selloff pummeling share prices throughout European banking sector this week, Apple's valuation is now strikingly equal to all 32 of the biggest euro zone banks combined.
That's the result of the DJ STOXX euro zone banks index bleeding a third of its value since the start of July, driven by sharp declines in the share price of big banks such as Spain's Santander, France's BNP Paribas, Germany's Deutsche Bank and Italy's Unicredit.