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Apple Is No Longer The World’s Most Valuable Company

For many of us, the local Apple store is a second home - but the tech giant's newest location is closer to a houseboat. The company is working on its first floating Apple Store, which will be a massive silver orb located near the opulent Marina Bay Sands Hotel in Singapore. When the sun is out, glass panels offer views of downtown and the iconic waterfront. At night, the globe will gently glow in a nod to the traditional paper lanterns carried by participants in the Mid-Autumn Festival. A narrow slit at the top allows natural sunlight in and, from above, gives the appearance of a glass iris.

This Wednesday, Oil giant Saudi Aramco became the world’s most valuable firm. It has beaten Apple in the rank!

Aramco’s market valuation was found to be around $2.43 trillion on Wednesday, according to FactSet which converted its market cap to dollars. Apple fell more than 5% during trading in the U.S. on Wednesday and is now at $2.37 trillion.

Energy stocks and prices have been on an uphill journey as investors sell off equities in multiple industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on Jan 4.

This unexpected shift in positions exhibits how markets are shifting as the global economy is experiencing rising interest rates, inflation, and supply chain problems.

Aramco stock is up over 27% so far in 2022. In March, the oil giant stated that its full-year profit last year more than doubled due to rising oil prices.

Apple had passed Saudi Aramco to become the world’s most valuable publicly-traded company in 2020.

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