Oil company Saudi Aramco has overtaken Apple as the world's most valuable company. According to multiple reports such as Bloomberg and CNBC, this may be owing to the current surge in oil prices, coupled with an inflation surged which in turn throttled demand for technology stocks. Aramco was previously the most valuable company until Apple surpassed it in 2020.
Earlier this year, Apple boasted a market value of US$3 trillion, about US$1 trillion more than Aramco’s. However, as of 11 May, Aramco's market valuation was at just under US$2.43 trillion, while Apple saw its stocks fall more than 5% to US$2.37 trillion, CNBC reported. Aramco's stock has also increased by 27% this year, with its full-year profit more that doubling last year due to soaring oil prices, Aramco said in a statement last year. Additionally, energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic environment, CNBC reported.
Nonetheless, Apple still remains the most valuable US company, followed by Microsoft at US$1.95 trillion. According to Bloomberg, Apple stock is still seen as a relative safety play within the sector, given its steady growth and balance-sheet strength.
Separately, Apple also announced its discontinuation of the iPod after more than two decades since launch. The iPod touch, which is the most recent iteration of the music player, was last updated in 2019 and many of its features have since been integrated across Apple's product line, from the iPhone and Apple Watch to the iPad and Mac.
"We’ve integrated an incredible music experience across all of our products, from the iPhone to the Apple Watch to HomePod mini, and across Mac, iPad, and Apple TV. And Apple Music delivers industry-leading sound quality with support for spatial audio — there’s no better way to enjoy, discover, and experience music," Greg Joswiak, Apple's SVP of worldwide marketing, said then. He added that the spirit of iPod lives on, adding that the gadget "redefined how music is discovered, listened to, and shared.
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