Apple Loses Position as World's Most Valuable Company to Oil Giant Aramco
Apple has lost its position as the world's most valuable company, after a broad sell-off of technology stocks and a rise in the price of oil.
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.
Oil giant Saudi Arabian Aramco regained the top spot from Apple, a position it lost to the iPhone maker in 2020. Aramco's stock has risen by more than 27% this year and profits doubled last year due to soaring oil prices. Aramco's stock market valuation is now just under $2.43 trillion.
Investors have been selling shares in technology companies and cryptocurrency for less risky assets, following a move by central banks to increase interest rates in an attempt to offset the impact of rising prices.
Apple's demotion to second most valuable company comes two weeks after it reported second quarter revenue of $97.3 billion, a new all-time record for the month of March. Apple saw growth across its iPhone, Mac, Wearables, and Services product categories, but iPad revenue experienced around a 2% decline compared to the year-ago quarter.
Popular Stories
Loop Capital has lowered its rating on Apple from "Buy" to "Hold," saying the company is unlikely to make up an estimated 13 million iPhone shipments cut from its plans for the second half of 2026, according to Investing.com.
The firm reduced its Apple stock price target from $370 to $330. Loop previously believed shortages of memory and processors had delayed shipments that Apple would...
Apple today closed with a market capitalization above $5 trillion, making it the second company to do so after Nvidia.
As noted by The Wall Street Journal, Apple's market cap has exceeded $5 trillion six times before today during intraday trading, but this is the first time the company stayed above the mark at closing.
Apple closed at $342.96, for a market cap of $5.005 trillion. The new...
John Ternus will participate in his first Apple earnings call as the company's CEO today. The call begins at 2 p.m. Pacific Time / 5 p.m. Eastern Time.
Ternus and Apple's CFO Kevan Parekh will discuss the company's earnings results for the third quarter of the 2026 calendar year on the live-streamed conference call. While the call is primarily intended for Apple shareholders and Wall Street...
