22.1 C
Delhi

Apple seems to be no longer the most powerful firm on the planet

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.

Apple seems to be no longer the most powerful firm on the planet
credits – pcgamer.com

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.

- Advertisement -TechnoSports-Ad
Apple seems to be no longer the most powerful firm on the planet
credits – thesaxon.org

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.

- Advertisement -TechnoSports-Ad

Read: WiFi 6E Routers are the next revolutionary routers to look out for in India

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TechnoSports-Ad

Popular

TechnoSports-Ad

Related Stories

More from author

The 12 Football Teammates who hated each other the most

Fighting between teammates is uncommon, but opposing teams and players acting aggressively and initiating a brawl, on or off the field, is widespread. Some...

Top 8 Fastest Hat tricks in UEFA Champions League history

Liverpool thrashed Rangers 7-1 at Ibrox after Mohamed Salah came off the bench to record the fastest hat-trick in Champions League history. With 38...

Top footballers who have represented Real Madrid and Barcelona

The Clasico and the Champions League final are the two most-watched football games worldwide. Both teams are competing for the top spot in La...

Top 5 players with the Most Hat-Tricks in the Bundesliga

The Bundesliga is regarded as one of the most thrilling football leagues in the world. Bayern Munich, on the other hand, has dominated the...