Highlights

  • Apple stock below March low
  • Stock has lost over $200 billion in marketcap since the Fed raised rates

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Tech takedown: Apple is no longer the world’s most valuable company

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

 

As technology share prices take a beating, the new market reality is reflect in Apple losing its spot as the world's most valuable company with oil giant Aramco reclaiming the title.

Also read/watch| Mass layoffs at American companies: Here is who is firing

Apple boasted a market value of $3 trillion, about $1 trillion more than Aramco’s at the start of this year. Since then, however, Apple has fallen nearly 20% while Aramco is up 28%. In fact since the Fed hiked rates, the iPhone maker has lost $200 million in market cap.

Tech index Nasdaq 100 has lost 24% in the year so far as the central banks end their ultra-easy money policy. Meanwhile, the S&P 500 Energy sector has soared 40% this year, as oil prices have rallied from $75 to $110 this year.

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