Apple is no longer the most valuable company in the world since Wednesday, May 11. Cupertino has been dubbed by Saudi Aramco, or by its official name Saudi Arabian Oil Co, the state oil company of Saudi Arabia. When Apple became the most expensive company in the world, in 2020, it was precisely by overtaking the latter.
The economic situation is detailed to Apple
This is anecdotal news that perfectly symbolizes the current economic situation. Apple, at the top in January 2022, is approaching 3 trillion in market valuations, even spending them for a day, has fallen.
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The company’s share price has since fallen about 20%, while Aramco’s has risen 27%. As of Thursday’s market close, the Saudi company was worth $2.383 billion, Cupertino’s was $2.307 billion.
Saudi Aramco owns almost all of the hydrocarbon resources, the leading oil company in terms of production. It was delivered on the stock exchange, in Riyadh, in 2019. It had then stolen the most valued business place from Apple, already.
early 2022 Aramco has been profiting since rising crude oil and natural gas prices, accentuated by Russia’s invasion of Ukraine, explains the company’s growth.
On the other hand, Apple, like other technology companies, is suffering the brunt of inflation and the change in monetary policy of the American Central Bank explains CNBC. The Nasdaq, where the biggest digital companies are listed, lost 25% of its value in 2022.
Apple is also a victim of supply constraints linked to Covid. Its subcontractors in China have repeatedly had to shut down their factories. Cupertino is also sensitive to the shortage of semiconductors. If these difficulties were not felt too much during the year 2021, the accumulation begins to impact, moderately, the company.