Apple is no longer the most valuable company in the world

According to financial data research and software firm FactSet (USA), the market valuation of Saudi Arabia’s state-owned oil company is currently nearly $2.43 trillion. Meanwhile, this figure of Apple is $ 2.37 trillion due to share Apple dropped more than 5% on May 11 session.

Energy prices and stocks have rallied in recent times as investors sell off holdings in several industries, including technology, due to concerns about the deteriorating economic environment. Apple’s stock price has fallen nearly 20% since its peak of $182.94 on Jan. 4.

With oil company Aramco becoming the most valuable company in the world, it shows how markets are changing as the global economy grapples with rising interest rates, inflation, market analysts say. development and supply chain issues.

Year-to-date, Aramco stock is up more than 27%. In March, the oil giant reported that its full-year profit more than doubled last year due to soaring oil prices.

Apple has overtaken Saudi Aramco to become the world’s most valuable publicly traded company in 2020.

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