Saudi Aramco becomes world's richest company ahead of Apple


The markets  at the moment  are not really in the best shape. With inflation rising, the major central banks all raise interest rates. This increases the cost of money and prompts investors to replace their portfolio of risky assets with safer investments such as bonds and commodities.


Saudi Aramco becomes world's richest company ahead of Apple


As a result, the cryptocurrency market is clearly in turbulent territory as Bitcoin has seen its value drop by 50% since November 2021. But the stock market is also affected, with big moves primarily on the largest Nasdaq stock . Apple's stock price lost 5% at the close of Wall Street on Wednesday, May 11, 2022.


Saudi Aramco becomes world's richest company, ahead of Apple

These factors led to the reduction of Apple's capital to $2.37 trillion. An amount that can be astonishing, but it is no less than the capital of a large company. The giant Saudi oil and gas company Aramco , with a capital of 2.42 trillion dollars, has become the richest company in the world.


Aramco has not regained the first place in the rankings since 2020. It must be said that major energy producers are currently taking all the attention, unlike technology stocks.  


Because of the latter, reinforced by a hardening international context and an alarming rise in inflation, investors seem to fear that many of these companies, Apple ahead, will find themselves limited in their ambitions. Conversely, Aramco benefits from the war in Ukraine, sanctions, and the desire of Europeans to isolate themselves from Russian fuel.


Apple 's stock price is down nearly 20% since the start of the year due to the international environment. Overall, technology shares in the US Nasdaq index lost 3.2% on Wednesday after the release of official figures showing that US inflation remains at a level not seen in 40 years.






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