Saudi Aramco, the national oil company of Saudi Arabia, has surpassed Apple to become the world leader in capitalization. This has been reported Bloomberg.
According to the agency, the oil company’s capital was $2.43 trillion, while Apple’s was $2.42 trillion.
“You can’t compare Apple to Saudi Aramco in terms of business or fundamentals, but the outlook for the commodity market has improved,” said James Meyer, chief investment officer at Tower Bridge Advisors. Said.
He also explained that the commodity market is taking advantage of inflation and shortages in supply.
The agency also added that even if such a change in positions proves to be short-lived and Apple regains its first position, the reversal of roles underlines the strength of the main players operating in the global economy.
At the beginning of 2022, Apple’s market cap was $3 trillion, nearly $1 trillion more than Aramco. But since then, shares of the company have dropped almost 20%, while those of the oil company have risen 28%.
Previously declarationHe said Saudi Arabia’s reluctance to increase oil production could plunge the world into recession.