Apple Inc. is no longer most valued company; this oil company overtook it
New Delhi : Apple Inc. is no more the most valued company in the world, the tech giant slipped to from No 1 spot amid inflation and effects of Ukraine-Russia war.
In the past few weeks, a surge in inflation has been recorded in the United States, leading to less demand of tech companies. According to media reports, Saudi Aramco has become the most valued company with its total worth of USD 2.72 trillion; Apple Inc. on the other hand has a total worth of USD 2.37 trillion.
It must be noted that Apple Inc. is the only company that was valued over USD 3 trillion during the beginning of 2022.
What led to the downfall of Apple Inc valuation?
There are many factors which have contributed to decrease the demand of tech stocks; inflation and Russia-Ukraine war remains the main of them. Inflation surge in the US has slashed the prices of tech stocks and on the other hand the war has contributed to increase in the price of crude oil, the prime business of Saudi Aramco.
This led to 20% fall in the share price of Apple Inc and 28% rise in the share price of Saudi Aramco.