Saudi oil group Aramco pushed Apple out of the world’s largest market capitalization on Wednesday, May 11, as the Saudi giant’s shares were boosted by the recent rise in oil prices. According to Bloomberg, the market capitalization of Saudi Aramco, Saudi’s national oil company, reached $2.430 billion on Wednesday, slightly surpassing the iPhone maker, which fell to $2.371 billion.
Apple is no longer the largest company in the world!
Shares of Aramco, listed on the Riyadh Stock Exchange at the end of 2019, closed at 45.50 Saudi riyals, down 0.98% in the session but up 27% since the beginning of the year with rising prices. oil prices are favored by energy companies. In January, at the height of the Wall Street bull cycle, Apple was the first company in history to cross the $3 billion market mark.
Saudi Aramco’s rise to the forefront of the largest stock-market companies has also been made possible by the recent decline in technology stocks, which has recently hit Apple and all the big digital names. The Nasdaq has lost more than 25% since the beginning of the year due to a change in the monetary policy of the US Federal Reserve (Fed) in the face of inflation and the war in Ukraine. Apple’s title was $182 in early January, compared to $145.50 at the end of Wednesday.
Between IPOs at the end of 2019 and July 2020, the oil giant has a higher market capitalization than Apple.