Former number one Saudi Aramco also grew but has been outpaced by Apple.
What you need to know
- Apple is once again the world’s most valuable company.
- It has retaken the top spot from Saudi Aramco with a market cap of $2.42 trillion.
- After a rocky few weeks shares have surged more than 8.5% since Monday.
Apple has once again retaken the top spot as the world’s most valuable company after its share price surged 8.54% this week, catapulting it to a market capitalization of $2.42 trillion.
Apple shares climbed to their highest point since the beginning of the year back in March and early April, before steadily falling week after week as news emerged of growing supply chain pressures, waning global demand for smartphones, and inflation battered markets worldwide.
In mid-May, Apple was unseated as the world’s most valuable company by Saudi Aramco after its shares fell by more than 5% in a single day. Shares bottomed out at the end of last week down at around $137 having opened the year at $182. However, this week its shares have surged by 11.77 points and 8.54% in just five days to restore Apple to the top of the market cap rankings with a value of over 2.42 trillion. Saudi Aramco’s shares fell slightly Friday but remain up for the week overall. YTD the Saudi Arabian Oil Company has seen its share price and value grow more than 25%, conversely, Apple’s share price has fallen by 17.78% in the same amount of time.
Apple still faces inflationary pressures and a growing threat from retail workers who are publicly trying to form unions across retail stores in the U.S. Despite this, some analysts still believe in the stock. Wedbush’s Dan Ives remains bullish on its fortunes and described the year’s tech slump as a generational buying opportunity for some stocks including Apple.
The famous ‘Big Short’ investor Michael Burry had a $36 million bet against the fortunes of Apple as recently as March 31.
Apple will unveil the next round of software for its ecosystem at WWDC 2022 in June. It may also unveil new hardware, possibly in the form of a MacBook or iMac, before the customary summer lull in announcements that will precede Apple’s next best iPhone, the iPhone 14 and some other major products coming later this year.