Apple Is No Longer the World's Most Valuable Company (cnbc.com) 31
Oil giant Saudi Aramco on Wednesday surpassed Apple as the world's most valuable firm. CNBC reports: Aramco's market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market cap to dollars. Apple, which fell more than 5% during trading in the U.S. on Wednesday, is now worth $2.37 trillion. Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on Jan. 4. The move is mostly symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems.
The rollercoaster (Score:2, Insightful)
Re: Dee and Desi 3 (Score:2)
Is that Q from QAnon or Q from ST:TNG?
Re: Dee and Desi 3 (Score:2)
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It's your own fault. If it weren't for Trump Biden would never have been president.
I remember Trump's attitude toward Covid19 during the first debate on Sep 29, 2020, three days later on Oct 2, he announced that he and the first lady tested positive, which may have meant he was already infected during the debate. As far as I was concerned he had just proved that he deserved to lose the election.
I remember his attitude too. I remember the optics weren't good. I also remember that he - like nearly anyone without comorbidities - recovered. COVID-19 sucks, but Trump didn't handle it poorly and Biden hasn't done better. Here we are...
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Not that it matters, but Apple could leak rumors of their iPhone 14 release date and their stock would surge again.
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Re:The rollercoaster (Score:4, Interesting)
No, the world is weaning itself off oil. That's a problem.
Oil investments are down significantly - oil is a toxic investment and investors don't see much of a future for it. Big oil projects are being scaled back heavily.
However, this doesn't mean you're going to see oil prices drop and gas become cheap, because while oil investments are at an all time low, oil profits are at an all time high. It's the last hurrah for the oil industry - when the future is dim, but your product is still in demand, now is the time to capitalize on it and make as much money as you can before the music stops.
Basically, oil prices are high, they're going to stay high until the very end and everyone's pretty much going to make as much money as they can while they still can.
The world needs oil, but the oil companies know the future is limited. They're not investing in new oil both because it's a bad investment, and because it would reduce oil prices and cut profits.
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Basically, oil prices are high, they're going to stay high until the very end and everyone's pretty much going to make as much money as they can while they still can.
That's exactly what I was thinking.
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So you don't think a Middle Eastern oil corporation supplanting the most well known tech brand in the entire world, a company that even has their own custom silicon for full-stack vertical platform integration, isn't news for nerds? Jack Ryan sent me an iMessage yesterday saying follow the money Sherlock Holmes.
Re: The rollercoaster (Score:2)
Re: The rollercoaster (Score:1)
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The rollercoaster ride of stock market valuations does not feel like the most news worthy thing for nerds.
Funny you mention rollercoaster, because during the entire craziness of the past two years Apple has consistently remained the most valuable company.
So yes, it is newsworthy that this has changed now, a trend change like this doesn't happen very often and is especially important and news worthy that an oil company is once again the most valuable.
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The rollercoaster ride of stock market valuations does not feel like the most news worthy thing for nerds.
Funny you mention rollercoaster, because during the entire craziness of the past two years Apple has consistently remained the most valuable company.
So yes, it is newsworthy that this has changed now, a trend change like this doesn't happen very often and is especially important and news worthy that an oil company is once again the most valuable.
Bullshit.
Apple has spent a few days several times in the past two or three years, temporarily in the number two position. It always seems to qualify as "News" for Click-Hungry sites like Slashdot.
But give it a few days, and Apple will be back on top, again.
Which somehow never seems to be as newsworthy.
Considering the price of gas lately (Score:1)
I'm not surprised. I probably have bought several iPhones worth in gas already since these crazy prices started.
Saudi Prince is to blame (Score:3, Interesting)
The Saudi out production rates are artificially low - they are exploiting the situation since Trump literally called them up and told them to back in 2020 to stop their price war with Putin. Now we know why Putin needed higher prices so badly...
Re: Saudi Prince is to blame (Score:2)
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They reduced output during the pandemic in response to a price war. It is extremely unlikely that is a coincidence. Meanwhile it's been reported that they won't even take a call from the whitehouse and gave as thinly veiled ransom demands (but in diplomatic speak... and that was just the public statements; the private ones must be worse.)
Last trade price is a poor indicator of valuation. (Score:2)
We have L1, L2, L3 quotes, bid/ask spread for different lot sizes. As lot size increases the bid drops. Even a linear or quadratic extrapolation of the bid vs lot size would give a better estimate of the "value" of the company.
Since the last trade price is so easily manipu
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And In Other News. . . (Score:2)
Gasoline prices are at record highs.
Coincidence? I think not!
Apple announced iOil (Score:2)
a new subsidiary
Hallucination (Score:2)
Market cap is a good measure of the degree of delusional thinking going on in the world.