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Oil giant Saudi Aramco on Wednesday became the most valuable firm in the world, leaving behind the tech giant Apple Inc (NASDAQ: AAPL).
According to FactSet, Aramco’s market valuation was just under $2.43 trillion on Wednesday. Apple shares fell more than 5% on Wednesday, valuing the company at $2.37 trillion.
Technology stocks have not been performing well recently with the rising inflation, interest hike by the Fed and the supply chain constraints.
On the other hand, with the soaring oil prices, Saudi Aramco reported its full-year profit more than doubling in the last year. The oil giant’s stock has climbed 27% so far in 2022.
Apple shares have fallen nearly 20% since January this year. In 2020, the tech company had beat Saudi Aramco to become the world’s most valuable publicly traded company.
Picture Credits: CNBC
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