Apple loses its position as the world’s most valuable company to oil giant Saudi Aramco

According to Bloomberg’s report, the market value of Saudi Arabian oil company Saudi Aramco surpassed the US company Apple, making Saudi Aramco the most valuable company on the planet. made it.

Technology companies lost revenue

According to the report, the market value of the national oil company rose to $2.43 trillion. Apple shares fell nearly 5% to $146.50 on Wednesday, down nearly 20% since the start of the year. Thus, Apple’s market value fell to $2.37 trillion. Analysts are of the opinion that stocks of tech companies (especially Apple) have fallen due to inflation concerns and aggressive US Federal Reserve (FED) decisions.

Supply chain constraints also played an important role in this process, according to Bloomberg. At the beginning of 2022, Apple’s market cap was $3 trillion, nearly $1 trillion more than Aramco. But since then, shares of the tech company have dropped almost 20%, while those of the oil company have risen 28%.