Oil giant Saudi Aramco's market capitalization surpassed Apple, dropping the tech company from its top spot as the world's most valuable firm, The Wall Street Journal reported May 12.
Apple is now worth $2.37 trillion versus Saudi Aramco's market capitalization which was $2.383 trillion as of May 12, according to Dow Jones Market Data.
Five details:
- Apple's stock is down roughly 20 percent for the year, and down nearly 10 percent so far this month.
- On May 12, the company's stock lost $3.94 per share hitting its lowest since Oct. 13.
- During the pandemic tech surge, Apple's stock soared to $3 trillion in market value.
- Apple passed Saudi Aramco to become the world's most valuable publicly traded company in 2020.
- Higher interest rates are causing technology stocks to look less attractive to investors, according to the report.
The maker of iPhones and computers continues to make inroads in the health IT sector. In April it announced it was working on a medicine management tool. And researchers at Rochester, Minn.-based Mayo Clinic developed an AI algorithm and app that can detect a weak heart pump from electrocardiograms recorded on an Apple Watch.