Oil giant Saudi Aramco (SAR) has surpassed Apple (AAPL) to become the world’s most
valuable company.
Saudi Aramco’s market valuation now sits at $2.43 trillion U.S., according to data from FactSet.
Apple, whose stock fell more than 5% yesterday (May 11), is now worth $2.37 trillion U.S.
Energy stocks have been rising as investors sell equities in several industries, including
technology, on fears of deteriorating economic conditions.
Apple’s stock has fallen nearly 20% from a peak of $182.94 U.S. reached on January 4 of this
year.
The move between Saudi Aramco and Apple is largely symbolic, but it shows how markets are
shifting as the global economy grapples with rising interest rates, high inflation, and ongoing
supply chain problems.
Saudi Aramco’s stock has risen 27% so far in 2022. In March, the oil giant reported that its full-
year profit in 2021 more than doubled due to soaring oil prices.
Apple achieved the title of world’s most valuable publicly traded company in 2020 and has held
the crown for the past two years. At one point, Apple’s market capitalization was above $3
trillion U.S. before declining steadily in recent months.
