【#Saudi Aramco Super Apple becomes the world's most valuable company#】
Saudi Arabia's National Oil Company (Saudi Aramco) overtook Apple to become the world's most valuable company on Wednesday. In 2020, Apple surpassed Saudi Aramco to become the world's most valuable public company.
According to financial data provider FactSet, Apple's stock price closed down more than 5 percent on Wednesday and is currently worth $2.37 trillion. By comparison, Saudi Aramco's market capitalization is slightly less than $2.43 trillion. So far this year, Saudi Aramco's stock price has risen by more than 27%. In March, Saudi Aramco reported that its profit for the full year had more than doubled last year due to soaring oil prices. Apple shares have fallen nearly 20 percent from the high of $182.94 set on Jan. 4.
Energy stocks have been rising amid fears of a deteriorating economic environment that investors have dumped stocks in a number of sectors, including technology stocks. The change is largely symbolic, but it shows how markets are changing as the global economy struggles to cope with rising interest rates, inflation and supply chain issues.
