State owned oil giant Saudi Aramco on Wednesday surpassed Apple as the world's most valuable firm.

Aramco's market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market cap to dollars. Apple, which fell more than 5% during trading in the U.S. on Wednesday, is now worth $2.37 trillion.

Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on Jan. 4.

The move is mostly symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems.

Aramco stock is up over 27% so far in 2022. In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices.

Apple passed Saudi Aramco to become the world's most valuable publicly traded company in 2020

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Parachoko:
NNPC still dey rudderless, the company no get head or tail

This country eh

BSdetective:
It's not a company.... it's a state run monopoly which it's stock price fluctuates with the price of crude oil.

BSdetective:
It's not a company.... it's a state run monopoly which it's stock price fluctuates with the price of crude oil.

SIBF:

Only say what you're knowledable of.

LeoDeKing quit acting like you got any brains... :
The theory "Energy can neither be created nor destroyed" is my favourite right from SS1.

From the day my physics teacher stated this theory, I have always known Energy is the future.

Investment in energy is the best for any wise investor, the only snag is that it is highy capital intensive.

All technological inventions from medieval time are all centred around energy. Even electric cars are still about energy, mobile phones, aircrafts, ATM, eNaira, bitcoin, just name it, all na about harnessing energy.