Apple has lost its leading position on the list of the most valuable companies in the world due to the wide sale of technology shares. The title of the world's most valuable company was returned by the oil and gas producer Aramco from Saudi Arabia, for the first time in almost two years.
Investors are selling stocks of technology companies because they are turning to what they consider less risky. Bitcoin and other major cryptocurrencies, as well as other digital assets, are also declining sharply. Apple’s stock fell more than 5 percent in New York on Wednesday, and at the end of the day, the stock’s market value was $ 2.37 trillion.
That means that Apple lost the leading position on the list of the most valuable companies because Aramco is worth 2.42 trillion dollars. This is the first time that Aramco has returned to first place since 2020, thanks to rising crude oil and natural gas prices this year.
Apple shares, on the other hand, have fallen nearly 20 percent since the beginning of this year after selling technology stocks. Rising prices are the biggest threat to the recovery of the global economy, which is still emerging from the period of the coronavirus pandemic.
Moving away from risky assets has lowered the price of Bitcoin to less than $ 27,000. The value of Bitcoin is currently at 60 percent of the highest value recorded in November last year.
Apple retires iPod devices
Apple has announced that it will no longer produce and sell its iPod Touch music player, a device that has revolutionized music listening.
The first iPod appeared in 2001 and could store a thousand songs, and today there are more than 90 million songs on Apple's streaming service. The Apple iPod Touch was designed by the same team that later invented the iPhone, a phone that soon overshadowed the music player.
The company last "refreshed" the iPod in 2019. There have been several iPod models in recent years including the Nano and Shuffle, but the iPod Touch, which appeared in 2007, is the last to be "retired."
Apple will sell it until stocks last. Apple claims that the iPod has changed the way music is "discovered, listened to and shared" The first model was introduced by former Apple boss Steve Jobs in 2001.