Apple is no longer the most valuable company in the world

Investors have been giving shares of technology companies for quite a few months and are looking for assets that are considered less risky. Shares of Apple fell more than 5 percent on Wednesday, ending the day with a market value of $ 2.37 trillion.

With this, it lost the position of the world’s most valuable company from oil and gas producer Saudi Aramco, with a market capitalization of $ 2.42 trillion.

This is the first time since the beginning of 2020 that Aramco has been able to take first place. Of course, this also had a precedent, as the shares of energy companies rose significantly this year as the prices of crude oil and natural gas also hit.

Meanwhile, Apple shares have fallen nearly 20 percent since the beginning of the year, along with the technology sector and the broader market.

The tech-overweight Nasdaq closed 3.2 percent on Wednesday after official data showed U.S. inflation remained close to a more than 40-year high.

Rising prices pose the greatest threat to the recovery of the global economy recovering from the Covid-19 epidemic. Central banks around the world have responded by raising interest rates, triggering the withdrawal of capital from riskier investments.

(BBC)

Cover image: Getty Images