It’s no secret 2022 has been a volatile year for tech stocks, even as Apple has stayed locked in its familiar role of stock market juggernaut, somehow always beating earnings expectations.
So you might be surprised to hear “Apple is this year’s biggest stock-market loser,” according to a report.
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%.
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%.
Charlie Munger, investment company Berkshire Hathaway’s vice chairman, laid out high praise for Apple during an interview with Yahoo! Finance on Thursday. He called the Cupertino juggernaut “ungodly well-managed.”
He also described Apple as “one of the strong companies” and said he expects it to remain so.
A sharp rise in Apple’s share price allowed the Mac-maker to regain the title of publicly traded company with the highest market capitalization n the world. It beat out Microsoft, who’d held the top spot for less than a month.
An unconfirmed report of Apple’s aggressive plans to make self-driving cars helped drive a 6% increase over the past week.
Apple shares spent much of Tuesday down 4% in value. The AAPL selloff was part part of a general drop in tech stocks amidst fears of a rise in interest rates.
At one point during the day, the value of each AAPL stock had dropped about $5.30. That’s a decrease of roughly $88 billion in Apple’s $2.1 trillion market capitalization.
Update: Apple shares finished the day down 3.54%.
Apple played a part in a historical and brutal day on Wall Street Thursday as fears and concerns over the coronavirus accelerate. The Dow 30 plummeted 10% in value as Apple stock lost almost the same.
