TECH WRECK: Saudi Aramco Surpasses Apple as the World’s Most Valuable Company
Posted on 05/12/2022
The oil majors such as Exxon Mobil Corporation, Chevron Corporation, and Saudi Aramco have seen their market capitalizations balloon in an environment of rising interest rates, rampant inflation, and supply chain issues, while tech companies like Netflix and smaller companies like Zoom have witnessed implosion in their stock prices. ESG-focused investors are scratching their heads over “carbon-stranded” assets, as Chevron, Exxon Mobil, and other oil companies gorge on lofty corporate profits over inflation and rising fuel costs.
Apple Inc. is now worth US$ 2.37 trillion falling below Saudi Aramco’s market capitalization of US$ 2.43 trillion. Apple hopped over Saudi Aramco to become the world’s most valuable publicly traded company in 2020.