The crown of the world’s most valuable company no longer belongs to Apple, and the crown has not returned to previous reporters Microsoft, Google, or Amazon.
Saudi Aramco, the world’s largest crude exporter, topped the list of technology giants. It was ranked as the 4th most valuable company last year, with 94% owned by the Kingdom of Saudi Arabia.
But, How ?
According to Financial Times report, Apple was the first company to reach $ 3 trillion in market value in January, but lost ground.
Apple has lost 19%, and its share market value has fallen to $ 146 after its share price reached the $ 3 trillion mark. Apple is currently valued at $ 2.37 trillion.
Aramco managed to surpass it with a market value of $ 2.43 trillion. Apple is still the most valuable US company and Microsoft has a market value of $ 1.95 trillion.
Shares of Saudi Aramco have risen about 30% since the new year. The skyrocketing oil prices have only helped the energy company that holds the crown. Profits of about $ 40 billion in this quarter alone are 82% higher than last year.
The Reason Behind Success
Especially in these turbulent times, it makes sense to strike a chord with technology companies while energy companies make record profits. But once the supply chain issues are resolved, Apple can easily regain its crown.
Commenting further, James Meyer, CIO at Tower Bridge Advisors, said, “You can not compare Apple to Saudi Aramco in terms of their business or nature, but their outlook for the merchandising space has improved. They are the beneficiaries of inflation and tight supply. ” To go