For a brief period, the Saudi Aramco oil giant took over from Apple as the world’s most valuable company. A rally on Tuesday has since put the Mac-maker back on top, but all it would take is another bad day on Wall Street for Apple to lose the title again.
This comes after Apple has lost over 14% of its value in 2022, while Aramco gained about 28%.
Saudi Aramco briefly tops Apple as world’s most valuable company
Which company is the world’s largest by market capitalization shows where people are putting their priorities. During COVID-19 lockdowns, computers became critical to almost everyone and tech stocks surged. But with most countries opening up again, oil is having a resurgence.
That’s how Saudi Aramco beat out Apple as the most valuable company overnight, according to SeekingAlpha.
Its current market capitalization is $2.448 trillion.
But the AAPL share price is up about 2% on Tuesday, pushing its market cap up to just over $2.5 trillion.
Battle of the titans
This isn’t the first time Saudi Aramco captured the title of the world’s most valuable company from Apple. The two were close in market capitalizations in 2019 and 2020 before a surge in Apple’s share price during the pandemic let it pull solidly ahead. It’s been on top since fall of 2020.
At one point in early January 2022, the Mac-maker’s total capitalization passed $3 trillion. But, as noted, it has since lost a significant chunk of its share price amidst worries about inflation hurting consumer demand for electronics.