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.
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.
Popular Stories
Following nearly two years of rumors about a fourth-generation iPhone SE, The Information today reported that Apple suppliers are finally planning to begin ramping up mass production of the device in October of this year. If accurate, that timeframe would mean that the next iPhone SE would not be announced alongside the iPhone 16 series in September, as expected. Instead, the report...
Key details about the overall specifications of the iPhone 17 lineup have been shared by the leaker known as "Ice Universe," clarifying several important aspects of next year's devices. Reports in recent months have converged in agreement that Apple will discontinue the "Plus" iPhone model in 2025 while introducing an all-new iPhone 17 "Slim" model as an even more high-end option sitting...
Apple supply chain analyst Ming-Chi Kuo today shared alleged specifications for a new ultra-thin iPhone 17 model rumored to launch next year. Kuo expects the device to be equipped with a 6.6-inch display with a current-size Dynamic Island, a standard A19 chip rather than an A19 Pro chip, a single rear camera, and an Apple-designed 5G chip. He also expects the device to have a...
Apple typically releases its new iPhone series around mid-September, which means we are about two months out from the launch of the iPhone 16. Like the iPhone 15 series, this year's lineup is expected to stick with four models – iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max – although there are plenty of design differences and new features to take into account. To bring ...
Apple’s iCloud Private Relay service is down for some users, according to Apple’s System Status page. Apple says that the iCloud Private Relay service may be slow or unavailable. The outage started at 2:34 p.m. Eastern Time, but it does not appear to be affecting all iCloud users. Some impacted users are unable to browse the web without turning iCloud Private Relay off, while others are...
Apple is planning to release at least one iPhone 17 model next year with mechanical aperture, according to a report published today by The Information. The mechanical system would allow users to adjust the size of the iPhone 17's aperture, which refers to the opening of the camera lens through which light enters. All existing iPhone camera lenses have fixed apertures, but some Android...
