This Company Passed Apple as the Most Valuable Company in the World. Here's Why. Shifts in the market amid rising interest rates, inflation and supply chain constraints have created the perfect storm to bump Apple from its rank as the most valuable company in the world.
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Still, it's hard to say if the ranking will stick, as this isn't the first time the two companies went head-to-head for the title of most valuable publicly traded company. In 2020, it was Apple that surpassed Aramco when it hit a market valuation of $1.84 trillion, and held the position steady for almost two years.
The trade-off of ranking signifies the shift in markets as the global economy tussles with inflation and ongoing supply chain constraints. The uncertainty of certain markets has prompted investors to move into assets that are perceived as lower risk in the current climate.
However, it was still a close race, with the two separated in rank by mere single digits — still in the trillions — but signaling that the two companies may go head-to-head again next year.