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.
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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