Apple lost the position of the world’s most valuable company to this company-Hi-tech Fashion

Apple has lost its place as the world’s most valuable company following a massive sell-off in tech stocks and rising oil prices.

Coupon of Apple fell about 5% on Wednesday, to $146.50, down nearly 20% since the start of the year. Apple’s market capitalization fell to $2.37 trillion.

Apple has lost its position as the most valuable company in the world.

Saudi Arabian oil giant Aramco has regained the top spot from Apple. This is the position that the company has lost to the manufacturer Iphone in 2020. Shares of Aramco are up more than 27% this year and profits more than doubled last year due to soaring oil prices. Aramco’s stock market valuation currently stands at nearly $2.43 trillion.

Investors have been selling shares of technology and crypto companies to invest in less risky assets, especially after the move to raise interest rates by government banks to try to make up for it. impact of price increases.

Concept photo of iPhone 14 Pro – expected to be released later this year.

Apple’s relegation to the second most valuable company in the world comes two weeks after the company reported record second-quarter revenue – $97.3 billion. Apple saw growth across its ‌iPhone‌, Mac, Wearables, and Services product categories while iPad revenue fell about 2% from Q1 last year.