Tech

Apple loses position as most valuable firm amid tech sell-off

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Posted: 12/05/22 - 10:01
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Apple has lost its position as the world's most valuable company amid a broad sell-off of technology stocks.

Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from the iPhone maker for the first time in almost two years.

Investors have been selling shares in technology firms as they move into what they see as less risky assets.

Bitcoin, other major cryptocurrencies and digital assets have also continued to fall sharply.

Shares in Apple fell by more than 5% in New York on Wednesday to end the trading day with a stock market valuation of $2.37tn (£1.94tn).

That meant it lost its position as the most valuable company in the world to oil and gas producer Aramco, which was valued at $2.42tn.

I Call True: A temporary blip but no real shock that an oil and gas producer has taken the top slot looking at the price of fuel these days

Milka
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3 Comments
15 days
2 upvotes
As others have said , it's a temporary blip boosted by sky high fuel prices.
15 days
3 upvotes
Looks like there is still global life in fossil fuels yet, which can only be a good thing for us all.
15 days
2 upvotes
I have zero doubt that Apple will take this crown back sooner rather than later