ANI
13 May 2022, 21:37 GMT+10
Jeddah [Saudi Arabia], May 13 (ANI): Oil magnate Saudi Aramco on Thursday overtook Apple Inc, to become the world's most valuable company due to the recent surge in oil prices.
Aramco is now worth about USD 2.43 trillion, compared with Apple's USD 2.37 trillion, CNN reported citing data from Refinitiv.
Market capitalizations fluctuate frequently as earlier this year, Apple (AAPL) hit the USD 3 trillion mark, to become the first company to do so and making it by far the most valuable company on the planet.
The latest market moves point to how the outlook for energy and tech producers has shifted lately, CNN said.
This year, oil prices have soared to record highs, particularly on concerns about disruptions of supply from Russia since its invasion of Ukraine.
Brent crude prices have climbed by as high as 36 per cent this year and are still trading at over USD 106 a barrel.
Meanwhile, Apple's stock has fallen more than 17 per cent since January, the CNN report said.
The iPhone maker has recently been weighed down by major supply chain headaches, particularly in China, where several of its suppliers' factories have been temporarily caught in the country's COVID lockdowns.
Dan Ives, managing director of equity research at Wedbush Securities, called the impact of the lockdowns "the albatross for the June quarter," saying in a report that Apple's supply chain woes in China would likely remain the "peak worry" for investors in the short term. (ANI)
Get a daily dose of Leeds Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Leeds Times.
More InformationATHENS, Greece: After a sharp increase in attempted entries by migrants through its Aegean islands and land border with Turkey ...
LONDON, England: A joint declaration to boost defense and security collaboration was signed between Britain and Lithuania this week. London ...
NEW YORK CITY, New York: The market for global online tutoring services is expected to grow from $21 million in ...
LONDON, England: The UK's Telegraph newspaper has reported that Foreign Secretary Liz Truss has proposed that Britain send modern weaponry ...
KYIV, Ukraine: Andrzej Duda, President of Poland, told lawmakers in Kyiv this week that Ukraine has the right to decide ...
MOSCOW, Russia: In the latest escalation of an energy payment dispute with Western nations, Russia's Gazprom has halted gas exports ...
TOKYO, Japan: A new high-density electric battery developed in Japan has the potential to power electric airplanes, according to industry ...
ATHENS, Greece: After a sharp increase in attempted entries by migrants through its Aegean islands and land border with Turkey ...
HONG KONG: In his first public remarks since he was arrested under Hong Kong's National Security Law earlier this month, ...
MOSCOW, Russia: Following the closure of a number of Russian state news outlets in the West, this week the Russian ...
LONDON, England: A joint declaration to boost defense and security collaboration was signed between Britain and Lithuania this week. London ...
TOKYO, Japan: U.S. President Joe Biden said this week that he supports calls for Japan to become a permanent member ...