Saudi Aramco surpasses Apple to become world’s most valuable company

Saudi Aramco overtook Apple on Wednesday as the world’s most valuable company, fueled by a surge in oil prices that is boosting the crude producer while adding to a rampant U.S. inflation surge that is hitting tech compan share prices.

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Ryan Vlastelica and Matt Turner for Bloomberg News:

Aramco traded near its highest level on record on Wednesday, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020. The iPhone maker fell 4.4% in New York to $147.53, giving it a valuation of $2.38 trillion.

Even if the move proves short-lived and Apple retakes the top spot again, the role reversal underscores the power of major forces coursing through the global economy.

Soaring oil prices, while great for profits at Aramco, are exacerbating rising inflation that is forcing the Federal Reserve to rise interest rates at the fastest pace in decades. The higher rates go, the more investors discount the value of future revenue flows from tech companies and push down their stock prices.

With the Fed on pace to further raise rates by at least another 150 basis points this year and with no prospects yet of a resolution for the conflict in Ukraine, it may be a while until tech regains dominance, according to Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder.

“There’s panic selling in a lot of tech and other high-multiple names, and the money coming out of there seems headed in particular for energy, which for now has a favorable outlook, given commodity prices,” he said.

MacDailyNews Take: Sub-$150! 😀 Now, how low can we go?

Apple’s dividend is payable on May 12th. A nice AAPL reinvestment opportunity looms.

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  1. In the year 2000, General Motors topped the Fortune 500 — 8 years later they went bankrupt . . . If you look at the trajectory of electric cars, it’s hard to imagine that ICE cars will sell after 2030. In fact, a number of states such as New York have banned new ICE car sales after 2035 . . . In that environment, with the decline in gas powered vehicles, no oil company will be the #1 company in the world. Sure, oil will still be used in plastics, etc., but the bulk of oil profits comes from gasoline . . . Saudi Aramco will still be a leading oil producer, as Saudi oil (which is at ground level, so to say) is the cheapest to produce, whereas companies that do more expensive forms of oil extraction, such as deep sea drilling or fracking, will not be able to survive in a shrinking oil market.

  2. A thousand bucks the 2035 ICE death will NOT be met. Clean is admirable, but the tech isn’t there.
    Besides, if one thinks it will be cleaner, rethink what’s happening.

    It feels good to imagine, though. Puppy dogs are swell, too.

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