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Apple is no longer the most valuable company in the world, overthrown by Saudi Aramco


Saudi Aramco, named the world’s largest oil company, has also become the world’s most valuable company, overtaking US technology giant Apple. The change in the positions of the two companies is largely due to rising oil prices in connection with the war in Ukraine and a sustainable recovery around the world after the coronavirus pandemic. Rising demand and rising prices, in turn, are contributing to the growth of oil company stocks. On the other hand, technology giants are seeing a decline in their position in world markets.

According to Fr. report from CNBC. Apple, meanwhile, fell 5 percent to $ 2.37 trillion. Over the past month, the assessment of the technology giant has declined as shares continued to decline, primarily due to strict Covidence of covid-19 the blockade in China has led to restrictions in the supply chain. Investors believe this will affect Apple’s results for the June quarter.

Although technology stocks have fallen significantly over the past few months for fear that people will be less likely to buy high-quality gadgets as inflation rises and central banks take away excess liquidity, stocks on energy and prices have recovered significantly. Data showed that Apple has fallen nearly 20 percent since early January, while Aramco has jumped more than 27 percent this year. In fact, in March the oil giant reported that its full-year profit had more than doubled last year due to rising oil prices.

But the future remains uncertain, in part due to rapidly unfolding geopolitical developments. There is pressure on oil-producing countries to increase production amid sanctions Russia and cool prices. But most countries, including Saudi Arabia, have so far resisted the demand to cut prices significantly.

Another factor that could weaken energy demand is rising inflation, which could lower energy prices – and, as a result, the profits of energy companies.

In 2020, driven by the technology boom, Apple stripped Saudi Aramco of its throne and became the world’s most valuable public firm.

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