Saudi Aramco surpasses Apple as the most valuable company in the world

The Saudi Aramco logo is pictured at the Abqaiq Oil Plant, Saudi Arabia on 12 October 2019.

Maxim Shemetov | Reuters

Oil giant Saudi Aramco overtook Wednesday Apple as the most valuable company in the world.

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% on Wednesday while trading in the US, is now worth $ 2.37 trillion.

Energy stocks and prices have been on the rise as investors sell off stocks in a variety of sectors, including technology, on fears of a deteriorating economic environment. Apple is down nearly 20% from its high of $ 182.94 on January 4.

The move is mostly symbolic, but it shows how markets are changing as the global economy grapples with rising interest rates, inflation, and supply chain problems.

Aramco shares have risen more than 27% so far in 2022. In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices.

Apple has surpassed Saudi Aramco to become the world’s most valuable publicly traded company in 2020.