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Apple retakes place as world's most valuable company as shares surge

Tim Cook
Tim Cook (Image credit: Apple)

What you need to know

  • Apple is once again the world's most valuable company.
  • It has retaken the top spot from Saudi Aramco with a market cap of $2.42 trillion.
  • After a rocky few weeks shares have surged more than 8.5% since Monday.

Apple has once again retaken the top spot as the world's most valuable company after its share price surged 8.54% this week, catapulting it to a market capitalization of $2.42 trillion.

Apple shares climbed to their highest point since the beginning of the year back in March and early April, before steadily falling week after week as news emerged of growing supply chain pressures, waning global demand for smartphones, and inflation battered markets worldwide.

In mid-May, Apple was unseated as the world's most valuable company by Saudi Aramco after its shares fell by more than 5% in a single day. Shares bottomed out at the end of last week down at around $137 having opened the year at $182. However, this week its shares have surged by 11.77 points and 8.54% in just five days to restore Apple to the top of the market cap rankings with a value of over 2.42 trillion. Saudi Aramco's shares fell slightly Friday but remain up for the week overall. YTD the Saudi Arabian Oil Company has seen its share price and value grow more than 25%, conversely, Apple's share price has fallen by 17.78% in the same amount of time.

Apple still faces inflationary pressures and a growing threat from retail workers who are publicly trying to form unions across retail stores in the U.S. Despite this, some analysts still believe in the stock. Wedbush's Dan Ives remains bullish on its fortunes and described the year's tech slump as a generational buying opportunity for some stocks including Apple.

The famous 'Big Short' investor Michael Burry had a $36 million bet against the fortunes of Apple as recently as March 31.

Apple will unveil the next round of software for its ecosystem at WWDC 2022 in June. It may also unveil new hardware, possibly in the form of a MacBook or iMac, before the customary summer lull in announcements that will precede Apple's next best iPhone, the iPhone 14 and some other major products coming later this year.

Stephen Warwick
Stephen Warwick

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.

Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple.