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Sorry Tim Cook, Apple is no longer the world’s most valuable company. Instead, that title now belongs to an oil company, Saudi Aramco.

The Saudi oil giant overtook Apple on Wednesday with a market valuation of $2.43 trillion. Apple saw a 5% decline in the markets in the U.S., bringing down its total market valuation to $2.37 trillion, reports CNBC.

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So why is Apple’s stock declining? There are a few reasons, but the gist of it is that most technology stocks are taking a beating, while energy stocks such as oil are steadily climbing.

Image: KnowTechie

Apple’s shares have fallen nearly 20% since their high of $182.94 on Jan. 4. Previously, Saudi Aramco held the title of the world’s most valuable publicly-traded company, but Apple claimed that position in 2020 to become the most valuable company globally.

With all the stuff that’s going on in the world like inflation, supply chain woes, and, you know, war – it’s not surprising to see an oil company rise to the ranks of being the most valuable company in the world.

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