Oil giant Saudi Aramco has reclaimed the spot of the world’s most valuable company after a relatively steady performance in Riyadh so far this month, while shares in Apple plunged amid a wider sell-off in tech stocks in New York.
Bloomberg’s estimates revealed that the top spot that Apple has held since July 2020 when U.S. equities and tech stocks, in particular, rallied on U.S. economic stimulus was regained by Aramco which became the world’s largest listed firm by market capitalization with its listing in December 2019.
Apple at the end of July unseated Saudi Aramco as the world’s most valuable company amid a broad rally in U.S. stocks, especially tech stocks. The rally continued into August but came to a halt in September.
Bloomberg estimated that Saudi Arabia’s oil giant Saudi Aramco’s shares so far in September has risen by 1.1 percent on the Saudi stock exchange Tadawul, while Apple’s stock has declined by 17 percent.
Apple in the middle of August, hit the US$2-trillion market capitalization milestone, the first time a U.S. firm had done so. The only other company in the world that has ever seen that market cap is Saudi Aramco, which reached the coveted valuation soon after its listing, but hasn’t kept the US$2-trillion valuation since.
After the sell-off in tech stocks on the NASDAQ in the past two weeks, Apple’s valuation is now around US$1.9 trillion, just below Saudi Aramco’s.
Apple in the first week of September, set records for market value erased as tech stocks plunged. On September 3, Apple saw as much as US$180 billion off its market capitalization erased—the most any U.S. listed firm has shed in market value in a single day.
Aramco’s stock meanwhile, has been relatively resilient in the face of the recent oil price slump, party thanks, according to Bloomberg, to the oil giant’s pledge to keep distributing massive dividends as planned despite taking a severe hit to its earnings.