Apple no longer has the title of the most valuable firm in the world, and the title has not been reclaimed by Microsoft, Google, or Amazon. The world’s largest crude oil exporter, Saudi Aramco, surpassed the IT behemoth to take the top rank. Last year, it was listed as the fourth most valuable corporation, and it is 94 percent controlled by the Kingdom of Saudi Arabia, which also owns the majority of SNK.
Apple Lost Her Status
As per the Financial Times, although becoming the first business to reach a $3 trillion market capitalization in January, Apple has lost its status. It has suffered 19% losses, and its share price has dropped to $146 (the lowest since November 2021) after reaching the $3 trillion limit.
The company is currently valued at $2.37 trillion. Aramco surpassed it with a market value of $2.43 trillion. But still, Apple remains the most valuable firm in the United States, with Microsoft valued at $1.95 trillion.
Apple CEO Tim Cook attributes at least $8 billion in losses this quarter to supply constraints and Covid-related lockdowns in China. Despite these obstacles, Apple managed to produce its third best revenue quarter ever.
Rise of the Saudi Aramco
Saudi Aramco’s stock has surged roughly 30% since the beginning of the year. Oil price increases have only aided the Crown-owned energy company’s revenues, which have increased by 82 percent year on year to roughly $40 billion.
The present price of a barrel of oil is $139, the highest in 14 years, and countries that have avoided Russian oil since its invasion of Ukraine are increasingly purchasing from Saudi Arabia.
It makes logical to see tech companies suffer while energy corporations profit, especially in these volatile times. However, once supply chain issues are resolved, Apple may easily reclaim its throne.