Saudi Aramco Becomes World’s Most Valuable Stock as Apple Drops
- The reversal reflects recent energy strength and tech weakness
- The last time Aramco was bigger than Apple was in 2020
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Saudi Aramco overtook Apple Inc. as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge throttling demand for technology stocks.
Aramco traded near its highest level on record on Wednesday, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020. The iPhone maker fell 5.2% to close at $146.50 per share, giving it a valuation of $2.37 trillion.