Technology

Apple is no longer the most valuable company in the world

The technical prodigy of Steve Wozniack and the entrepreneurial genius of Steve Jobs managed in 1976 to found Manzana, the company that would lead the laptop and mobile phone revolution. His creations, especially the Mac and the iPhone, catapulted the brand to make the Cupertino company the best valued in the world. However, that reign (on paper) ended this Wednesday when it was overtaken by the oil giant Saudi Aramco.

Apple shares fell 5%, taking the company to a market capitalization of 2,370 million dollars (about 2,271 million euros). For its part, the shares of Saudi Aramco -which currently produces 10% of all Petroleum worldwide – maintained their upward trend, placing their capitalization at the equivalent of around 2,310 million euros.

Market volatility

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Experts point out that this Saudi ‘sorpasso’ is due to the growing market volatility caused, among other factors, by the war in Ukraine. Inflation, rising energy prices and the conflict’s potential impact on strategic sectors such as technology have led investors to trust Apple less. To this are added the problems in the global production chain as well as the rise in interest rates. The shares of the giant of the white apple have fallen 20% since last January 4, when they reached the highest price in its history with 182.94 dollars.

That same context of instability, especially the rise in the prices of fuels, is the one that has benefited Saudi Aramco’s business. Its shares are up more than 22% so far this year. Last year he even doubled his profits. Thus, the Saudi oil company once again leads the podium as the most valuable company on the planet after Apple snatched that title from it in 2020.

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