2022/05/11

“There’s Panic Selling in a Lot of Tech” as Saudi Aramco Replaces Apple as the World’s Most Valuable Company

With a market capitalization of $2.4 trillion, Saudi Aramco replaces Apple as the world’s most valuable company. Meta, Netflix, Robinhood—tech stocks are tanking right now and Apple is down 20% this year. There is more at play here than investors exhibiting a newfound skepticism towards Big Tech’s bottom line—or optimism that the oil sector will clean up its act. The Russian incursion into Ukraine has sent oil prices—commodities—soaring, further exasperating supply chain woes brought on by the pandemic. “There’s panic selling in a lot of tech and other high-multiple names, and the money coming out of there seems headed for energy in particular,” notes Tower Bridge Advisors’ James Meyer on the cynical flow of capital back to fossil fuel.

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$40 USD