Business

Apple is no longer the most valuable company in the world


Shares of Apple are down about 20% for the year and down 10% this month.


Photo:

SeongJoon Cho / Bloomberg News

Apple Inc.

AAPL -3.31%

used to be the world most valuable company. But as of this week, that crown belongs to Saudi Aramco.

Late Wednesday, Saudi Arabian Oil Co., officially a state-owned oil company, surpassed Apple in market value. Around midday on Thursday, Saudi Aramco’s market capitalization hit nearly $2.383 trillion, compared with Apple’s $2.298 trillion, according to Dow Jones Market Data.

Apple is a major investment for both individual and institutional investors, due to its general ability to weather market storms. But investors appear to be re-evaluating their love affair with the iPhone maker. On Thursday morning, the company was the fourth-worst performer in the Dow Jones Industrial Average, and the most active stock in the S&P 500 and Nasdaq-100, according to Dow Jones Market Data.

In early January, when the tech stock pandemic was still going strong, Apple’s stock quickly skyrocketed to about $3 trillion in market value in a single day. Now, higher interest rates are making tech stocks less attractive. Shares of Apple are down about 20% for the year and down 10% this month. It continued to fall on Thursday, losing 3% in midday trading.

“For readers who remember the years 2000-2002, you have seen this movie. Nicholas Colas, co-founder of DataTrek Research, writes: . Mr. Colas said Apple’s recent slide is why he remains cautious on the stock.

Apple hit a staggering $2 trillion market valuation in August 2020, despite years of doubts from critics over whether the tech giant can continue to succeed after its death. of Steve Jobs or not. Here’s a look at Apple’s rise to the top. Illustration: Jacob Reynolds / WSJ (Video from 8/9/20)

Write letter for Hardika Singh at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8



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