Apple is no longer the richest firm in the world, replaced by…

The markets are not really celebrating at the moment. With the rise in inflation, the major central banks are all raising interest rates. This increases the cost of money and leads investors to substitute their portfolio of risky assets for safer investments such as bonds and commodities.

As a result, the crypto market is clearly in a zone of turbulence with Bitcoin which has seen its value melt by 50% since November 2021. But the stock market is also impacted, with significant movements in the largest stocks in the first place. Nasdaq. Apple’s share price thus lost 5% at the close of Wall Street on Wednesday, May 11, 2022.

Aramco becomes the richest company in the world, ahead of Apple

This lowered the capitalization of the firm to 2,370 billion dollars. An amount that can make you dizzy, but which is nonetheless lower than the figure of the capitalization of another large foreign firm. The Saudi gas and oil giant Aramco becomes, with a capitalization of 2,420 billion dollars, the richest company in the world.

Aramco had not regained first place in the ranking since 2020. It must be said that unlike technology stocks, the major energy producers are currently focusing all the attention. The GAFAMs are indeed suffering from the consequences of the coronavirus crisis on the global supply chain. But also a crisis in the semiconductor sector.

Because of the latter, reinforced by the stiffening of the international context and the worrying rise in inflation, investors seem to fear that several of these players, led by Apple, will find themselves limited in their ambitions. Conversely, Aramco is taking advantage of the war in Ukraine, sanctions and the desire of Europeans to cut themselves off from Russian fossil fuels.

Read also – At the start of the year, Apple approached 100 billion dollars in sales

Apple’s share price has fallen almost 20% since the start of the year due to the international context. Overall technology stocks in the US Nasdaq index lost 3.2% on Wednesday after the publication of official figures showing that inflation in the United States remains at a level not seen for 40 years.

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