Saudi Aramco overtook Apple as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge that is throttling demand for technology stocks.
Even if the move proves short-lived and Apple retakes the top spot again, the role reversal underscores the power of major forces coursing through the global economy. “You can’t compare Apple to Saudi Aramco in terms of their businesses or fundamentals, but the outlook for the commodity space has improved. They’re the beneficiaries of inflation and tight supply,” said James Meyer, chief investment officer at Tower Bridge Advisors.
“There’s panic selling in a lot of tech and other high-multiple names, and the money coming out of there seems headed in particular for energy, which for now has a favourable outlook, given commodity prices,” he said. “Companies like Aramco are benefiting significantly from this environment.”The year’s weakness in technology shares has come amid concerns over inflation and a more aggressive Fed. Apple’s recent results also underlined the difficulties it is facing from supply constraints.
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