After successive sessions of decline in the US stock market and a stormy wave of collapses for tech stocks, more than a trillion dollars wiped off the market value of the 7 largest American tech companies in only 3 sessions, the star by Saudi Aramco has shone strongly to become number 1 globally, in terms of market value and comparable to Apple.
Prior to the US market opening on Tuesday, Apple’s market value stabilized at $ 2.46 trillion, while Aramco’s market value hit $ 2.45 trillion, putting it on par with the manufacturer of iPhone, which is still under pressure following the US Federal Reserve’s decision to raise interest rates on Wednesday.
On the other hand, Aramco benefited heavily from the skyrocketing oil price after a severe recession caused by the Corona epidemic, as well as the Russo-Ukrainian war, which ignited commodity prices. prime basic, as Aramco has added more than $ 240 billion to its market value since the Russian invasion of Ukraine on February 28. .
With the recent decline in tech companies, the number of companies worth over two trillion dollars has shrunk to just two companies in direct competition between Saudi Arabia and America, as American companies control the vast majority of large companies globally, after Microsoft’s stock dropped sharply during the last few sessions to stabilize their market value at $ 1.98 trillion.
Likewise, Tesla dropped off the trillion-company list, after violent declines in its shares, to stabilize its market value at $ 815 billion.
On the other hand, Aramco already leads international companies in the most profitable index, in how much its profits amount to approximately 208 billion dollars before interest, taxes, depreciation, compared to 120 billion dollars of its closest competitor (Apple).
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