Apple is no longer the world’s most valuable company. That honor now goes to the Saudi Aramco oil giant. The Mac-maker had (mostly) held onto the title since 2020, but has now lost it.
So far in 2022, the value of AAPL shares is down 20%, while the share value of the Saudi oil company has surged 25%.
Saudi Aramco surpasses Apple as world’s most valuable company
Which company is the world’s largest by market capitalization is an indication of where people put 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.
One result of those changing priorities has been an eroding of Apple’s share price in recent months, while Saudi Aramco’s has shot up. Yet another hefty drop in APPL’s value on Wednesday was enough to put the Saudi company solidly ahead.
And Apple shares are sliding further on Thursday, making it unlikely Apple will retake the top spot anytime soon. The opposite happened earlier this week – Saudi Aramco came pout briefly ahead but a brief AAPL rally pushed it back on top.
Battle for the top spot
Apple and Saudi Aramco have traded the title as world’s most valuable company back and forth several times over the years. 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.