Our beloved big tech company Apple has loved its title of the world’s most valuable company. This happened after oil titan Saudi Aramco surpassed the tech company on Wednesday. According to FactSet, Aramco’s market valuation was about $2.43 trillion when converted to US dollars on Wednesday. Apple, on the other hand, fell over 5 percent during trading in the US on Wednesday and is currently worth $2.37 trillion.
Apple’s decline comes amid a decline in tech stocks and the tech titan wasn’t exempted from the losses experienced in the market. Investors have been selling off equities in several industries, especially in tech, as they fear a deteriorating economic environment. Energy stocks, unlike tech stocks, have been seeing an increase in their prices.
Apple has, therefore, fallen almost 20 percent since it peaked at $182.94 on the 4th of January this year.
The recent market trend shows how markets are coping amid global economic challenges such as inflation, supply chain setbacks, rising interest rates, etc. It symbolizes a change in market situations and expectations.
Saudi Aramco is up more than 27 percent since the year started. Its last earnings report showed that its full-year profit more than doubled from last year as oil prices continue to soar.
Saudi Aramco is officially known as the Saudi Oil Company and was formerly the Arabian-American Oil Company. The company is a publicly-traded petroleum and natural gas company based in Dharan. Before dethroning Apple to become the most valued company globally, it maintained the title of one of the largest companies in the world on the basis of revenue. Per Wikipedia, the company has both the world’s second-largest proven crude oil reserves, at more than 270 billion barrels (43 billion cubic meters), and the largest daily oil production of all oil-producing companies.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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