Will Aramco outstrip AAPL again as world’s most valuable company?

Oil major Saudi Aramco shares jumped more than 15% in less than three weeks as crude prices skyrocketed to over US$130 a barrel amid the Russia-Ukraine crisis.

The uptick in its share prices is proving a double delight for Aramco. It is rapidly narrowing the gap with Apple Inc. (AAPL) for the title of the world’s most valuable company.

Aramco’s shares gained 15% in less than three weeks, giving it a valuation of over US$2.3 trillion.

Apple Inc’s shares fell 11% YTD amid a broad slump, dragging down its valuation to about US$2.6 trillion.

Bloomberg reported that Aramco is still around 10% away from reclaiming the title. The continuous surge in energy prices may make it possible.

Listed on the Saudi stock exchange Tadawul, Aramco is expected to report its earnings later this month.

In September 2020, the Saudi oil giant had briefly held the most valuable title. But Apple sustained the lead since. According to Bloomberg, it is the top performer among the big tech firms this year.

Also Read: What did Janet Yellen say on cryptocurrency & did it have any impact?

Source: Pixabay

Also Read: Why is Stellar (XLM) crypto rising?

Apple’s March 8 product launch event

Apple has announced several new products at its annual event.

Some of them include a new green iPhone 13 and iPhone 13 Pro, iPhone SE 3 with 5G support, iPad Air with 5G support, a new Mac Studio display, and a new Apple desktop for creative professionals.

The iPhone SE 3 features the A15 Bionic chip found in the iPhone 13 lineup. It also has 5G connectivity. Mac Studio offers a powerful M1 Ultra chip, while Apple Studio Display has a 27-inch panel with 5K resolution.

Apple (AAPL) stock was up 3.04% to US$162.22 at 2:11 pm ET on Wednesday.