Oil giant Saudi Aramco has taken the top spot
Oil giant Saudi Aramco eclipsed Apple to become the world's largest firm by market capitalization, media reports, citing data from Refinitiv.
Aramco's market valuation reached just under $2.43 trillion on Wednesday against Apple's $2.37 trillion, data shows.
Apple's shares dropped more than 5% during trading in the US on Wednesday, while losing nearly 20% since its $182.94 peak on January 4. Investors are promptly selling off technology stocks amid the unstable economic environment, with hiked interest rates, soaring inflation, and supply chain problems.
Energy stocks and prices, on the other hand, have been rising, largely amid fears of supply disruptions due to Western sanctions on Russia over the conflict in Ukraine. This gave a boost to the energy giant's value, with Aramco's stock currently up roughly 27% in 2022. At the end of the fiscal year 2021 in March, the company said last year's profits more than doubled on the jump in oil prices.
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