Apple is no longer the company with the highest value in the world: the Saudi oil company Aramco overcame it. The value of Apple shares fell slightly, il 5%. But the rise in the price of fuel around the world has sent Saudi stocks skyrocketing.
Apple is no longer the highest value company, Aramco surpasses it
On Wednesday at the close of Wall Street, Apple had lost about the 5% of its share value, reaching $ 146.50 per share. A trend already seen this year, despite the excellent revenues from the new generation of iPhone: the Apple since the beginning of the year it has lost about 20% of its value. Blame the delays in the supply chain, which cost Cupertino many billions.
In total, however, the shares of Apple are worth a lot: the total capitalization is 2.37 trillion dollars. A decidedly high value, higher than the Italian GDP (about 1.8 trillion last year). But not enough to surpass that of the Saudi oil company Aramco, which is worth $ 2.43 trillioni.
Aramco’s value continued to rise throughout the year, to arrive al +27%. And profits doubled last year, taking advantage of rising fuel costs around the world.
But this also reveals a more general trend, which sees many investors selling stakes in tech companies and crypto assets for usually more stable assets. This is because several central banks have increased interest rates to keep prices low and avoid inflation.
This has led to Apple losing its number one spot in the world by value, although last quarter it posted an all-time record sales value with 97.3 billion dollars. In short, the Cupertino company remains enormously rich. Even if it is no longer the richest.