This Wednesday, Oil giant Saudi Aramco became the world’s most valuable firm. It has beaten Apple in the rank!
Aramco’s market valuation was found to be around $2.43 trillion on Wednesday, according to FactSet which converted its market cap to dollars. Apple fell more than 5% during trading in the U.S. on Wednesday and is now at $2.37 trillion.
Energy stocks and prices have been on an uphill journey as investors sell off equities in multiple industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on Jan 4.
This unexpected shift in positions exhibits how markets are shifting as the global economy is experiencing rising interest rates, inflation, and supply chain problems.
Aramco stock is up over 27% so far in 2022. In March, the oil giant stated that its full-year profit last year more than doubled due to rising oil prices.
Apple had passed Saudi Aramco to become the world’s most valuable publicly-traded company in 2020.
