Saudi Aramco has surpassed Apple, an American multinational technology company, as the world’s most valuable company.
On Wednesday, Aramco’s market capitalization was just under $2.43 trillion, according to FactSet, which converted its market cap to dollars. Due to rising oil prices, the oil giant’s full-year profit more than doubled last year.
Apple, which fell more than 5 percent during trading in the United States on Wednesday, is now valued at $2.37 trillion.
The symbolic move demonstrates how markets are shifting as the global economy deals with rising interest rates, inflation, and supply chain issues.
Aramco’s stock is up more than 27 percent in 2022, while Apple stock is down nearly 20 percent since its $182.94 peak on January 4.
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.