As of May 12, 2022, the iPhone maker lost its position as the world’s most valuable company to Saudi Arabia's oil giant, Aramco. According to Bloomberg, this switch is because of the surge in oil prices due to current inflation increases.
These events have been characterized by the rise in stock of the oil giant, which is now more than 27% coupled with the earlier profits scooped last year, due to rising oil prices. The stock market value of Aramco is presently at $2.42 trillion.
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On the other side, Shares in Apple fell by more than 5% in New York on Wednesday to end the trading day with a stock market valuation of $2.37 trillion (£1.94tn). That meant the tech giant lost its position as the most valuable company in the world to oil and gas producer –Aramco.
The ever-growing inflation is causing the Federal Reserve to raise interest rates at a very fast pace, swinging the interest of investors from tech firms and causing stock prices to drop along the way. There is also no doubt that the surge in oil prices is good for Aramco’s profit. Nevertheless, Apple still remains the most profitable company in the US and may probably regain its dominance.
source: BBC, 9to5mac.
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