Apple no longer has the title of 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. It was named fourth most valuable firm last year, and the Kingdom of Saudi Arabia owns 94 percent of it (which weirdly also owns most of SNK).
Despite being the first business to reach a market value of $3 trillion in January, according to the Financial Times, Apple has lost ground.
After crossing the $3 trillion mark, Apple’s stock dropped 19 percent, to $146 (the lowest since November 2021). Apple is currently valued at $2.37 trillion. Aramco squeaked by with a market value of $2.43 trillion. Apple is remains the most valuable firm in the United States, with Microsoft valued at $1.95 trillion.
Saudi Aramco’s stock has surged roughly 30% since the beginning of the year. The Crown-owned energy corporation has benefited from rising oil prices, with profits up 82 percent from last year to approximately $40 billion in this quarter alone.
The present price of a barrel of oil is $139, the highest in 14 years, and countries that have shunned Russian energy since its invasion of Ukraine are increasingly turning to Saudi Arabia for supplies.
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It’s understandable that software companies are suffering while energy companies are raking in historic profits, especially in these difficult times. However, once supply chain issues are resolved, Apple may easily reclaim its title.
“You can’t compare Apple to Saudi Aramco in terms of business or fundamentals,” said James Meyer, CIO of Tower Bridge Advisors, to Bloomberg. “Inflation and supply constraints have benefited them.”