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Saudi Arabia’s oil giant Aramco reached a market capitalization of $ 2.43 trillion, making Apple the most valuable company in the world for nearly two years.
Shares of Apple have fallen nearly 20% from their high of $ 182.94 in early January. Meanwhile, as gas prices rise and oil giants report record revenues, Aramco has risen 27% so far this year.
However, it is difficult to say whether the ranking will be maintained, as this is not the first time that the two companies have faced each other over the title of the most valuable listed company. In 2020, it was Apple that overtook Aramco when it reached a market valuation of $ 1.84 trillion and maintained a stable position for nearly two years.
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Ranking offset means changes in markets as the global economy struggles with inflation and current supply chain constraints. Uncertainty in certain markets has led investors to move to assets that are perceived as less risky in today’s climate.
However, it was still a tight race, with the two separated in a single-digit range, still in trillions, but indicating that the two companies could face off again next year.
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