Saudi Aramco overtakes Apple as world's most valuable company once again

Saudi Aramco overtakes Apple as world’s most valuable company once again

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According to data from Refinitiv, Aramco is currently worth around $2.43 trillion, compared to $2.37 trillion for Apple.

Market cap fluctuates frequently. earlier this year, apologize (AAPL) hit 3 trillion dollars Mark, being the first company to do so is by far the most valuable company on the planet.

However, recent market movements show how the outlook for energy and technology producers has changed in recent years.

Oil prices soar this year best recordespecially in concern about interruption Supplied from Russia after the invasion of Ukraine
brent oilOil, the global benchmark, has risen about 36% so far this year and last traded at $106.2 a barrel.

This has energized companies like Saudi Aramco, whose stock has risen 27% so far this year.

Meanwhile, Apple’s stock has fallen more than 17% since January.

iPhone makers have been under pressure recently by major supply chain issues. Especially in China, factories of several suppliers are temporarily under the country’s Covid lock.

Last month, Apple warned of massive losses related to the ongoing situation, saying production and logistics problems could cost up to $4 billion to $8 billion in revenue this quarter.

CEO Tim Cook said in an earnings call that “Apple’s constraints were mainly focused on the Shanghai corridor.”

Dan Ives, managing director of equity research at Wedbush Securities, said in the report that Apple’s supply chain problems in China will remain “a top concern” for investors. short-term.

However, concerns may “disappear” in the second half of the year, when the company expects to launch the new iPhone 14, he added.

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