Apple toppled as most valuable firm globally

Apple has lost its place as the world’s most valuable company, a spot it has held for two years.

And who has upstaged the tech heavy hitter? It is not an entirely new name;  Saudi Arabian oil and gas producer Aramco has returned to the top two years after relinquishing the spot to Apple.

Investors have been cutting stakes in technology firms as they move to shares perceived as less risky. This shift saw Apple’s shares dropped by more than 5 per cent yesterday, meaning its stock market valuation was $2.37 trillion, playing second fiddle to Aramco’s $2.42trillion value.

Aramco’s ride to reclaiming the top spot has been paved with the increasing prices of crude oil and natural gas.  As energy producers have been counting gains, tech firms have been counting losses. The value of Apple’s shares, for instance, has dropped 20 per cent since January

Nasdaq, which boasts substantial technology shares closed 3.2 per cent lower in New York on Wednesday. This is a departure from few months ago when technology firms gained following the disruptions brought by the pandemic, as the number of people using gadgets and tech services went up sharply. Consequently, the fortunes of Apple rose significantly, becoming the first company to record  a historic  stock market valuation of $3 trillion in January.

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