The title of the most valuable company in the world no longer belongs to Applebut a Aramco, the largest exporter of Saudi crude oil. Last year it was ranked as the fourth most valuable company and is 94% owned by the Kingdom of Saudi Arabia.
From a Financial Times report, Apple lost its position despite reaching i $ 3 trillion of value, a goal never achieved before. Apple later suffered losses of 19% and stock prices dropped to $ 146. As it stands, Apple is valued at $ 2.37 trillion, while Aramco now stands at around $ 2.43 trillion.
Apple CEO Tim Cook blamed both the shortage of semiconductors and slowed production following Covid restrictions in China. This appears to have cost the company at least $ 8 billion this quarter alone.
Without a doubt, tech companies have suffered a severe backlash during this period from a lack of components.
Source: PCGamer
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