Saudi Aramco has overtaken Apple as the world’s most valuable company, confirming the latter Oil price hike That boosted the energy giant this year.
Aramco is now worth about $2.43 trillion, compared to Apple’s $2.37 trillion, according to Refinitiv data.
But recent market moves indicate how the prospects for energy and technology producers have shifted in recent times.
Brent crudeThe global benchmark is up about 36% so far this year, and was last trading at $106.2 a barrel.
That has bolstered players like Saudi Aramco, whose shares are up 27% so far this year.
Meanwhile, Apple’s stock has fallen more than 17% since January.
The iPhone has recently been weighed down by major supply chain headaches, particularly in China, where many of its suppliers’ factories have been temporarily caught in the Covid lockdowns in the country.
Last month, Apple warned of huge losses related to the current situation, saying that production and logistics problems could hurt its sales by as much as $4 billion to $8 billion this quarter.
Apple’s restrictions have been “mainly centered around the Shanghai Corridor,” CEO Tim Cook said on an earnings call.
Dan Ives, managing director of equity research at Wedbush Securities, called the impact of the June-quarter albatross shutdowns, saying in a report that Apple’s supply chain problems in China will likely remain a “peak concern” for investors in the short term.
But he added that concerns may “calm down” in the second half of the year, when the company is expected to launch a new iPhone 14.
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