Aramco now costs about $ 2.43 trillion, compared to Apple’s $ 2.37 trillion, according to Refinitiv.
Market capitalizations fluctuate frequently: earlier this year, Apple (AAPL) reached the $ 3 trillion mark, becoming the first to do so, making it by far the most valuable company on the planet.
But recent market trends show how the outlook for energy and technology producers has changed recently.
This year, oil prices have risen to record highs, especially due to fears of supply disruptions from Russia following its invasion of Ukraine. Brent crude, the global benchmark, has risen about 36 percent so far this year and last traded at $ 106.2 a year.
This has supported players such as Saudi Aramco, whose shares have risen 27% so far this year.
Apple shares, meanwhile, have fallen more than 17 percent since January.
The iPhone maker has recently been plagued by major supply chain headaches, especially in China, where several of its suppliers’ factories have been temporarily caught blocking Covid in the country.
Last month, Apple warned of huge losses in the current situation, saying production and logistics problems could affect its sales by up to $ 4 billion to $ 8 billion this quarter.
Apple’s restrictions are “mostly centered around the Shanghai corridor,” CEO Tim Cook said in a talk on profits.
Dan Ives, managing director of capital research at Wedbush Securities, called the impact of the blockade the “albatross for the quarter of June”, saying in a report that problems with Apple’s supply chain in China are likely to remain “peak concern” for investors in the short term .
But fears could “weaken” in the second half of the year, when the company is expected to launch a new iPhone 14, he added.
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