Apple lost the top spot in the list of the largest companies by market value around the world at the conclusion of Wednesday’s session, overtaken by Saudi Aramco, and thus the oil giant regained the title of non-technological companies for the first time in years, during which the American technology giants dominated the throne of global companies.
Apple’s market value fell from $2.5 trillion to $2.37 trillion, following the share price fell 5.2% at the close of Wednesday’s session, deepening its losses to 20% from its highest level of $182.9 recorded last January.
On the other hand, Aramco’s market value amounted to regarding $2.43 trillion, following the Saudi company’s share rose by more than 27% since the beginning of this year.
Aramco briefly surpassed Apple’s market value on Tuesday as well.
Technology stocks in the United States suffered strong losses in recent weeks, and lost 1.7 trillion dollars of its market value in 3 sessions, with the Federal Reserve heading to raise interest rates aggressively to stem the acceleration of inflation, and with fears of stagflation in major economies.
