Apple Is No Longer World’s Most Valuable Company

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


Photo:

SeongJoon Cho / Bloomberg News

Apple Inc.

AAPL -3.34%

Once the most valuable company in the world. 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 an important investment for both individual and institutional investors, with its ability to weather general 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 hardika.singh@wsj.com

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

https://www.wsj.com/articles/apple-is-no-longer-worlds-most-valuable-company-11652373781?mod=rss_markets_main Apple Is No Longer World’s Most Valuable Company

Edmund DeMarche

USTimesPost.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimespost.com. The content will be deleted within 24 hours.

Related Articles

Back to top button