Apple is no more the world’s most valuable company after oil company Saudi Aramco Apple’s market value.
Saudi Aramco’s market value hit $2.43trillion dollars as of Wednesday, May 11, 2022, surpassing Apple’s $2.37trillion. This makes the Saudi Arabia company the most valuable company in the world according to FactSet.
Apple have seen super abnormal profits over the years, making the company the world’s most valuable company for years. The company topped Saudi Aramco in 2020 to become the world’s most valuable company. But now the tables have turned.
Energy prices have been on the rise as investors fear of economic meltdown in various industries including technology. Prices of oil and gas have also been in the rise due to Russia’s invasion of Ukraine on February 24, 2022.
Saudi Aramco has seen massive growth first quarter of 2022 as the company made abnormal profits last year. Read more:Why Saudi Aramco made abnormal profit of $110b in 2021
Russia’s invasion of Ukraine have also been a great factor in the company’s massive growth in 2022. Countries like the United Kingdom who rely heavily on Russian oil and gas have all boycotted Russia and are seeking other energy supply options.
Apple fell nearly $20 since its $182.94 peak on January 4, 2022.
The company’s stock jumped to over 27% in March. Saudi Aramco is expected to earn even higher results in the future.