Apple Loses Position as World's Most Valuable Company to Oil Giant Aramco

Apple has lost its position as the world's most valuable company, after a broad sell-off of technology stocks and a rise in the price of oil.

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Apple stock fell by around 5% on Wednesday to $146.50, down nearly 20% since the start of the year. Apple's market capitalization dropped to $2.37 trillion.

Oil giant Saudi Arabian Aramco regained the top spot from Apple, a position it lost to the iPhone maker in 2020. Aramco's stock has risen by more than 27% this year and profits doubled last year due to soaring oil prices. Aramco's stock market valuation is now just under $2.43 trillion.

Investors have been selling shares in technology companies and cryptocurrency for less risky assets, following a move by central banks to increase interest rates in an attempt to offset the impact of rising prices.

Apple's demotion to second most valuable company comes two weeks after it reported second quarter revenue of $97.3 billion, a new all-time record for the month of March. Apple saw growth across its ‌iPhone‌, Mac, Wearables, and Services product categories, but iPad revenue experienced around a 2% decline compared to the year-ago quarter.

Tag: AAPL

Top Rated Comments

headlessmike Avatar
26 months ago
Discontinuing the iPod line was clearly a massive mistake! Will Apple ever recover‽
Score: 19 Votes (Like | Disagree)
Onelifenofear Avatar
26 months ago
Oil... Yes, that's the future, it's not going anywhere. :rolleyes:
Score: 16 Votes (Like | Disagree)
b0fh666 Avatar
26 months ago
Oil? Hahah.

They should enjoy their oily wealth while it lasts.
it will last more than you.
Score: 14 Votes (Like | Disagree)
Steve121178 Avatar
26 months ago

Wait a minute, aren't we using electric cars and renewable energy now and we won’t need oil in the near future? How is this happening?
I think you need to look into all the things oil is used for.

And we won't be seeing electric planes anytime soon. Nor will the worlds machinery suddenly lubricate itself with electric. Plastic is still made from oil, as are many other materials.

Basically, oil isn't going anywhere despite what the green ecomaniacs try to tell you.
Score: 10 Votes (Like | Disagree)
iDento Avatar
26 months ago
Wait a minute, aren't we using electric cars and renewable energy now and we won’t need oil in the near future? How is this happening?
Score: 8 Votes (Like | Disagree)
hagjohn Avatar
26 months ago

Doesn't anybody in this forum know there is a war going on in Eastern Europe? Hasn't anybody heard about sanctions on Russia? That's what's driving energy prices up, including oil. This is hopefully a temporary situation.
I would say greed is driving the price of oil up and using a war as an excuse. It is a factor but not the deciding one.
Score: 6 Votes (Like | Disagree)

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