Tim Cook, CEO of Apple Inc.

Adam Jeffery CNBC

Oil giant Saudi Aramco on Wednesday overtook Apple as the most valuable firm in the world.

Aramco’s market valuation was just under $ 2.43 trillion on Wednesday, according to FactSet, which shifted its market capitalization to the dollar. Apple, which fell more than 5% during trading in the US on Wednesday, is now worth 2.37 trillion.

Stocks and energy prices have risen as investors sell off stocks in several areas, including technology, fearing a deteriorating economic environment. Apple has fallen nearly 20% since its peak at $ 182.94 on Jan. 4.

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

In 2022, Aramco shares rose more than 27%. In March, the oil giant reported that its full-year profit had more than doubled last year due to rising oil prices.

Apple overtook Saudi Aramco and became the most valuable public company in the world in 2020.

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