Apple has lost its position as the most valuable company, falling behind Saudi Aramco

Apple has lost its position as the most valuable company, falling behind Saudi Aramco

Tech Highlights:

  • The move is mostly symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems. Aramco stock is up over 27% so far in 2022. In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices. Apple passed Saudi Aramco to become the world’s most valuable publicly traded company in 2020.

  • Saudi Aramco eclipsed Apple as the world’s most valuable company on Wednesday. On Wednesday, Aramco’s market capitalization was slightly under $2.43 trillion, according to FactSet, which translated its market worth to dollars. Apple, which plummeted more than 5% during trading in the United States on Wednesday, is currently valued at $2.37 trillion. Market volatility shocks Apple to its core, and the business is no longer the most valued. Energy stocks and prices have been climbing as investors sell off companies in a variety of industries, including technology, due to concerns about the economy. Since its peak of $182.94 on January 4, Apple has dropped roughly 20%.

Among the most significant announcements made by Google during its Google I/O 2022 Developers Conference were those about disaster preparedness and safety. And, with a greater emphasis on the future Pixel Watch and Wear OS in general, several rather big announcements were made. Among these, according to recent sources, was the development of Earthquake Alerts and Emergency SOS functionality for Wear OS devices. The second of the two functions is basically new and will not be limited to the new Pixel Watch. Google hopes to completely showcase the gadget in the autumn. To summarise, Emergency SOS enables Wear OS is a smartwatch function that is activated by the user. It enables users to call family members or emergency services in their near vicinity with minimum input.

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