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Saudi Aramco replaced Apple (AA.
Zhitong Finance APP learned that on Wednesday, Saudi Aramco’s share price was close to an all-time high, with a market value of about $43 trillion, surpassing Apple for the first time since 202 Apple shares fell more than 5% to $145, valuing it at about $37 trilli.
Even if the move proves short-lived and Apple regains the top spot once again, the role reversal highlights a major force in the global econo.
The surge in oil prices, while more profitable for Saudi Aramco, has fueled a rise in inflation, forced the Federal Reserve to raise interest rates at the fastest pace in decades, and weighed on the share price performance of technology stoc.
"You can't compare Apple to Aramco in terms of business or fundamentals, but the outlook for commodities has improved," said James Meyer, chief investment officer at Tower Bridge Adviso.
Earlier this year, Apple's market value was $3 trillion, roughly $1 trillion more than Saudi Aram.
With the Federal Reserve set to raise rates further this year by at least 150 basis points and the Ukraine crisis unresolved, it may be a while before tech stocks regain their dominance, said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyd.
