Apple is no longer the world’s most valuable company

Saudi Aramco surpassed Apple as the world’s most valuable company on Wednesday.

On Wednesday, Aramco’s market capitalisation was just under $2.43 trillion, according to FactSet, which converted its market cap to dollars. Apple, which fell more than 5% during trading in the United States on Wednesday, is now valued at $2.37 trillion.

Energy stocks and prices have been rising as investors sell off stocks in a variety of industries, including technology, due to concerns about the economy. Since its peak of $182.94 on January 4, Apple has dropped nearly 20%.

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

So far in 2022, Aramco stock is up more than 27 percent. The oil giant reported in March that its full-year profit more than doubled last year due to rising oil prices.

In 2020, Apple will have surpassed Saudi Aramco to become the world’s most valuable publicly traded company.