Tech giant Apple has lost its position as the most valuable company in the world. According to Refinitiv, a global financial market data, and infrastructure provider, Apple was surpassed by Saudi Aramco. The Saudi Arabian public petroleum and natural gas company is now worth $2.43 trillion, while Apple dropped to $2.37 trillion.
The shift at the top of the world’s most valuable companies is a result of increased investment in energy stocks amid rising oil and gas prices. This caused Saudi Aramco stock to grow close to 30% in 2022. The investors are pulling out of the tech sector amid concerns that the momentum built by technology companies in the past two years is slowing down.
As a result, Apple has lost almost 17% of its value since January. It also didn’t help that the company faces problems with the supply chain and is set to lose more than $4 billion in sales because of the issue.
This represents a hard hit for Apple, considering it became the first company to reach $3 trillion in early 2022. It is hard to see them getting close to that anytime soon, although the investors might get interested again once the iPhone 14 launches later this year.
