Saudi Arabia's state-run oil producing company Aramco has overtaken Apple to become the world's most valuable company. In a first since 2020, the oil giant regained its crown, ending Wednesday with a market capitalization of about $2.43 trillion. Meanwhile, Apple shares fell and dropped the iPhone maker's valuation to $2.37 trillion. Apple shares have fallen about 20% since it began the year with a valuation of $3 trillion. Despite the "mostly symbolic" move, Aramco has benefitted from a recent jump in oil prices, while Apple gets hit
If ever there was an example of how Tech has fallen from grace - and parts of the old economy are back - here it is, Saudi oil giant Aramco surpasses Apple’s market cap driven mainly by the latter’s falls.
The more important point is which one would you rather own longer-term.