Apple's share price plunged more than 5% on Wednesday, hitting a new low since the end of October last year; The company's market value was overtaken by oil giant Saudi Aramco, which lost the throne of the world's highest market value company. As of press time, Apple's share price reached a low of $146.18 on Wednesday. In addition to hitting a new low year to date, this is also the lowest point of the company's share price since $146.41 on October 29, 2021.
Apple is currently caught in an ongoing sell-off in technology stocks, as the market is under pressure due to the uncertainty of the U.S. economy and soaring inflation.
The latest data show that the CPI of the United States rose by 8.3% year-on-year in April, exceeding expectations, indicating that inflationary pressure continues to rise, which has pushed consumers to the brink of collapse and threatened economic growth. Analysts believe that the CPI report will enable the fed to maintain the policy path of radical interest rate hike.
In January this year, Apple's total market value exceeded the $3 trillion mark for the first time, becoming the first company in history to reach this milestone. Saudi Aramco briefly surpassed apple in market value on Tuesday. With Apple's share price falling sharply on Wednesday, the company's market value is currently $2.38 trillion, less than Saudi Aramco's $2.42 trillion.