Apple Loses Position as World's Most Valuable Company to Oil Giant Aramco

[MacRumors]

Apple has lost its position as the world's most valuable company, after a broad sell-off of technology stocks and a rise in the price of oil.

Apple stock fell by around 5% on Wednesday to $146.50, down nearly 20% since the start of the year. Apple's market capitalization dropped to $2.37 trillion.

Oil giant Saudi Arabian Aramco regained the top spot from Apple, a position it lost to the iPhone maker in 2020. Aramco's stock has risen by more than 27% this year and profits doubled last year due to soaring oil prices. Aramco's stock market valuation is now just under $2.43 trillion.

Investors have been selling shares in technology companies and cryptocurrency for less risky assets, following a move by central banks to increase interest rates in an attempt to offset the impact of rising prices.

Apple's demotion to second most valuable company comes two weeks after it reported second quarter revenue of $97.3 billion, a new all-time record for the month of March. Apple saw growth across its iPhone, Mac, Wearables, and Services product categories, but iPad revenue experienced around a 2% decline compared to the year-ago quarter.

Article Link: Apple Loses Position as World's Most Valuable Company to Oil Giant Aramco

 

[Onelifenofear]

Oil... Yes, that's the future, it's not going anywhere.

 

[exoticSpice]

Yeah I don't care. Tell me when Google or MS surpasses Apple.

 

[TheCoolGuy]

Oil is the new data..

 

[NBAasDOGG]

Oil? Hahah.

They should enjoy their oily wealth while it lasts.

 

[b0fh666]

Oil? Hahah.

They should enjoy their oily wealth while it lasts.

it will last more than you.

 

[headlessmike]

Discontinuing the iPod line was clearly a massive mistake! Will Apple ever recover‽

 

[Wanted797]

Oil... Yes, that's the future, it's not going anywhere.

As much as oil is dying. It’s making record profits, and shareholders love nothing more than profits and dividend payouts.

A good video on it

 

[Psychicbob]

SELL, SELL, SELLLLLLLLLL!

Not really

 

[xyz01]

Oil... Yes, that's the future, it's not going anywhere.

While we hopefully reduce oil consumption drastically, there is a big value in the revenue stream and profits until that happens.

 

[SD449]

SELL, SELL, SELLLLLLLLLL!

Not really

I brought 4x more shares (high roller, I know) as I was gutted when they dropped to 151 recently and I stubbornly only wanted to pay 150.

 

[iDento]

Wait a minute, aren't we using electric cars and renewable energy now and we won’t need oil in the near future? How is this happening?

 

[yellow8]

This is a competition between Past & Future.
Go Future, or Past will destroy you entirely.

 

[Gnik Nus]

Wait a minute, aren't we using electric cars and renewable energy now and we won’t need oil in the near future? How is this happening?

Doesn't anybody in this forum know there is a war going on in Eastern Europe? Hasn't anybody heard about sanctions on Russia? That's what's driving energy prices up, including oil. This is hopefully a temporary situation.

 

[hagjohn]

Doesn't anybody in this forum know there is a war going on in Eastern Europe? Hasn't anybody heard about sanctions on Russia? That's what's driving energy prices up, including oil. This is hopefully a temporary situation.

I would say greed is driving the price of oil up and using a war as an excuse. It is a factor but not the deciding one.

 

[contacos]

Doesn't anybody in this forum know there is a war going on in Eastern Europe? Hasn't anybody heard about sanctions on Russia? That's what's driving energy prices up, including oil. This is hopefully a temporary situation.

Unfortunately I doubt it. It is easy to increase prices, not as "easy"(willing) to lower prices and the worst is ... people get used to it. Gas for instance used to be around 1,40 Euro per Liter (? see, I dont even remember). Right now it is over 2 Euro and when you see something like "1,90 Euro" now, its like "omg so cheap! I must get gas immediately!" even though it is still ridiculous more expensive than it was just half a year ago.

 

[Bustycat]

Wait a minute, aren't we using electric cars and renewable energy now and we won’t need oil in the near future? How is this happening?

You still need plastic...

 

[Steve121178]

Wait a minute, aren't we using electric cars and renewable energy now and we won’t need oil in the near future? How is this happening?

I think you need to look into all the things oil is used for.

And we won't be seeing electric planes anytime soon. Nor will the worlds machinery suddenly lubricate itself with electric. Plastic is still made from oil, as are many other materials.

Basically, oil isn't going anywhere despite what the green ecomaniacs try to tell you.

 

[michaelsviews]

As much as oil is dying. It’s making record profits, and shareholders love nothing more than profits and dividend payouts.

A good video on it

Walter has to take care of his buddies.

 

[44267547]

This company might have ‘surpassed’ Apple, however, it’s not really an appropriate metric to use, because Apple is entirely in a different sector/industry over oil. If this was comparable to say something like Samsung or Microsoft, then that would to me have way more interest.

 

[H3LL5P4WN]

Doesn't anybody in this forum know there is a war going on in Eastern Europe? Hasn't anybody heard about sanctions on Russia? That's what's driving energy prices up, including oil. This is hopefully a temporary situation.

No, greed is driving up the prices.

 

[headlessmike]

This company might have ‘surpassed’ Apple, however, it’s not really an appropriate metric to use, because Apple is entirely in a different sector/industry over oil. If this was comparable to say something like Samsung or Microsoft, then that would to me have way more interest.

Not only that, but Aramco is also a state-owned company with a monopoly on Saudi's oil. There's so many differences between these companies that I don't know where to start.

 

[GeoStructural]

Yeah I don't care. Tell me when Google or MS surpasses Apple.

Microsoft already did it during the 90s and early 2000s. In fact they beat Apple in valuation for most of its history. Apple was even near bankruptcy at the time Microsoft enjoyed some of the largest valuations in history.

Go check the data and see for yourself, adjust by inflation and other metrics where appropriate.

 

[JM]

This is a competition between Past & Future.
Go Future, or Past will destroy you entirely.

Like, the Terminator? Or back to the Future. Or Looper?

I’m very confused.

 

[JM]

Doesn't anybody in this forum know there is a war going on in Eastern Europe? Hasn't anybody heard about sanctions on Russia? That's what's driving energy prices up, including oil. This is hopefully a temporary situation.

I know of some things that also aren’t helping prices. It might take a few years to fix, though.