Tim Cook, CEO of Apple Inc.
adam jeffery | CNBC
Oil giant Saudi Aramco overtook Apple on Wednesday as the world’s most valuable company.
Aramco’s market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market capitalization to dollars. Apple, which fell more than 5% during US trading on Wednesday, is now worth $2.37 trillion.
Stocks and energy prices have been surging as investors sell shares in various industries, including technology, on fears of a deteriorating economic environment. Apple is down almost 20% from its peak 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 issues.
Aramco shares are up more than 27% so far in 2022. In March, the oil giant reported that its full-year profit more than doubled due to rising oil prices.
Apple overtook Saudi Aramco to become the world’s most valuable publicly traded company in 2020.