Technology

Apple loses its position as the most valuable company in the world (and you can’t imagine who has surpassed it)

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Apple gives in to an old acquaintance!

During For the last two years, Apple has held the title of the most valuable company in the world.. The feat represented the fruits of years of research and development of the devices and services we know today, but above all the value of technology in the midst of an uncertain panorama, framed in the midst of a pandemic.

Currently, the world context favors Apple less and does so with the Saudi oil company Aramco, which now ranks first as the most valuable company in the world. According to data shared by Bloomberg, the increase in oil prices after the conflict in Ukraine, as well as the increase in energy and food prices that will leave consumers with less income to buy electronic items, benefit this position.

energy over technology

Apple loses its position as the most valuable company in the world (and you can't imagine who has surpassed it)

Apple is no longer the most valuable company in the world

With a market cap of $2.43 million Aramco surpassed Apple as the most valuable company in the world, for the first time since 2020. While those of Cupertino, have a valuation of 2.37 million dollarsto close at $146.50 per share.

Of course this situation is not new for aramco. the oil company became the world’s largest listed company in December 2019when it was listed on Saudi Arabia’s Tadawul stock exchange. Apple once again overtook Aramco in July 2020 when the pandemic fueled demand for technology products and services.

Now, this scenario could hold for some time due to fears of rising interest rates by the Federal Reserve as consequence of inflation. According to Ingalls & Snyder Senior Portfolio Strategist Tim Ghriskey

“There’s panic selling in a lot of tech and other high-multiple names, and the money coming out of there appears to be going into energy in particular, which has a favorable outlook for now, given commodity prices.”

In addition to the general causes that affect Apple’s position, there are specific announcements that affirm that the company will face problems in the production chain, which will surely affect the results of the next fiscal quarter.

However, within the sector, analysts mention that Apple stock is still relatively safe to buy as the company has maintained steady growth this year.

Related topics: Manzana

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