ANI
13 May 2022, 21:37 GMT+10
Jeddah [Saudi Arabia], May 13 (ANI): Oil magnate Saudi Aramco on Thursday overtook Apple Inc, to become the world's most valuable company due to the recent surge in oil prices.
Aramco is now worth about USD 2.43 trillion, compared with Apple's USD 2.37 trillion, CNN reported citing data from Refinitiv.
Market capitalizations fluctuate frequently as earlier this year, Apple (AAPL) hit the USD 3 trillion mark, to become the first company to do so and making it by far the most valuable company on the planet.
The latest market moves point to how the outlook for energy and tech producers has shifted lately, CNN said.
This year, oil prices have soared to record highs, particularly on concerns about disruptions of supply from Russia since its invasion of Ukraine.
Brent crude prices have climbed by as high as 36 per cent this year and are still trading at over USD 106 a barrel.
Meanwhile, Apple's stock has fallen more than 17 per cent since January, the CNN report said.
The iPhone maker has recently been weighed down by major supply chain headaches, particularly in China, where several of its suppliers' factories have been temporarily caught in the country's COVID lockdowns.
Dan Ives, managing director of equity research at Wedbush Securities, called the impact of the lockdowns "the albatross for the June quarter," saying in a report that Apple's supply chain woes in China would likely remain the "peak worry" for investors in the short term. (ANI)
Get a daily dose of St Petersburg Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to St Petersburg Star.
More InformationMOSCOW, Russia: According to preliminary data released by the finance ministry this week, almost three months after Moscow's invasion of ...
BRUSSELS, Belgium: European Union foreign policy chief Josep Borrell has said that the bloc would ensure Ukraine that it has ...
Former U.S. President George W. Bush has made an embarrassing mistake in criticizing Russian President Vladimir Putin over his decision ...
WASHINGTON D.C.: The U.S. State Department has announced the launch of a new program to capture and analyze evidence of ...
Tokyo [Japan], May 22 (ANI): US President Joe Biden arrived in Japan on Sunday, to strengthen the bilateral relations between ...
Poland's president addressed Ukraine's parliament Sunday.Andrzej Duda is the first foreign head of state to speak to Ukraine's Verkhovna Rada ...
WASHINGTON D.C.: U.S. senators Elizabeth Warren and Mike Rounds have introduced a bipartisan resolution requesting the Federal Trade Commission (FTC) ...
MOSCOW, Russia: According to preliminary data released by the finance ministry this week, almost three months after Moscow's invasion of ...
KUALA LUMPUR, Malaysia: After China's decision to not host the 2023 Asian Cup, a choice for a new host will ...
GENEVA, Switzerland: The World Health Organization (WHO) has received a proposal by 13 member states requesting that Taiwan be allowed ...
BRUSSELS, Belgium: European Union foreign policy chief Josep Borrell has said that the bloc would ensure Ukraine that it has ...
Former U.S. President George W. Bush has made an embarrassing mistake in criticizing Russian President Vladimir Putin over his decision ...