Saudi Aramco Briefly Tops Apple as World’s Most Valuable Company

AAPL Chart YTD Through 05.11.2022 - Via Apple Stocks

11 MAY 2022 - To me, the question is not “how many angels can dance on the head of a pin,” but “what kind of dance would they do?” The Charleston? The Foxtrot? Lambada? Probably not. That’s the forbidden dance.

A piece from Cult of Mac says, for a period of time on Tuesday, Apple was not the most valuable company on the planet. “For a brief period,” says the piece, “the Saudi Aramco oil giant took over from Apple as the world’s most valuable company.” Didn’t stick. Apple saw a surge that sent shares up $2.45. That said, “Apple has lost over 14% of its value in 2022,” according to the Cult, “while Aramco gained about 28%.” Quoting the report:

Which company is the world’s largest by market capitalization shows where people are putting their priorities. During COVID-19 lockdowns, computers became critical to almost everyone and tech stocks surged. But with most countries opening up again, oil is having a resurgence.

There’s something I hate about that passage. I think it’s the implication that people are choosing. I mean, they kind of do. When gas prices are low, lots of people go “big American car with tail fins,” which is to say something in an F-150. I remember a president a few presidents ago encouraging people to buy economy because gas wouldn’t always stay as low as it was then.

But what did he know?

Barring decisions made five-years ago or more, it’s not so much about choice right now. The world is going back to work at work, which means people have to drive to work. People didn’t choose for Russia to invade Ukraine. People aren’t saying, “I’d rather have two tanks of gas than a pair of AirPods.” They’re saying, “If I want to be able to afford anything, I have to be able to get to work.”

Maybe those angels would do the Jitterbug.
Consumer priorities. Price gouging. Whatever the reason, for a short period of time on Tuesday, Apple was not the world’s most valuable company.