Apple is no longer the world’s most valuable company. Saudi Aramco, Saudi Arabia’s state-owned, publically traded oil company, is now (at the time of writing) considered the most valuable company in the world.
As energy stocks shoot skyward and tech stocks plummet downwards, Apple has been surpassed as the world’s most valuable company by Saudi Aramco.
“Apple has fallen nearly 20% since its $182.94 peak on Jan. 4,” CNBC reported yesterday.
The move shows how markets are shifting “as the global economy grapples with rising interest rates, inflation, and supply chain problems,” CNBC also reported.
Aramco stock is up 21.5% over the last 6 months, Google Finance statistics show. In March (after a big spike in its stock price), Aramco reported that its full-year profit last year increased more than two-fold due to rising oil prices.
Protocol reports that this is “a reflection of both the vagaries of the market and the weird state of the world” and that “January through March was the best quarter for the [oil, natural gas and energy] sector since 1970.”
“As the war in Ukraine sends oil and gas prices climbing. That’s translated to record profits for the industry.”
The switch up between Apple and Saudi Aramco reflects the changing fortunes of two different industries as the global economy reacts to Russia’s ongoing invasion of Ukraine. It also shows the pandemic tech boom, at least for a time, is over (although this could also be attributed to the broader market performing poorly of late).
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