Apple is no longer the world’s most valuable company

Technology

In this article

Tim Cook, CEO of Apple Inc.
Adam Jeffery | CNBC

Oil giant Saudi Aramco on Wednesday surpassed Apple as the world’s most valuable firm.

Aramco’s market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market cap to dollars. Apple, which fell over 5% during trading in the U.S. on Wednesday, is now worth $2.37 trillion.

Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on January 4.

The move is mostly symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems.

Aramco stock is up over 27% so far in 2022. In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices.

Apple passed Saudi Aramco to become the world’s most valuable publicly-traded company in 2020.

Products You May Like

Articles You May Like

Britons must brace for ‘very unpleasant period’, former Bank of England governor warns
Captured Ukrainian medic’s bodycam footage shows first-hand horror of Mariupol
Anderson hushes booing Yankees fans with HR
GE launches the 3 MW Sierra onshore wind turbine just for North America
Ukraine’s message to Davos: Buying Russian gas funds rape and murder

Leave a Reply

Your email address will not be published.