Apple has been knocked from its perch as the world’s most valuable company. Following a broad sell-off of technology stocks and a rise in the price of oil, Saudi Arabian oil company Aramco regained the top spot from Apple, a position it lost to the iPhone maker in 2020.
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.
Aramco’s stock has risen by more than 27% this year, as profits doubled during 2021 due to soaring oil prices. Aramco’s stock market valuation is now just under $2.43 trillion.
Investors have been seeking safer bets, selling off their shares in technology companies and cryptocurrency as they look for a safer harbor, following a move by central banks to increase interest rates in an attempt to offset the impact of rising prices.
Apple two weeks ago announced its fiscal second-quarter 2022 revenue results. It reported revenue of $97.3 billion, a new March quarter record. Apple’s iPhone, Mac, Wearables, and Services product categories experienced growth. However, iPad revenue dropped 2% compared to the year-ago quarter.