Saudi
Aramco has overtaken Apple as the world’s most valuable company after
higher oil prices pushed shares of the world’s biggest crude exporter to
record levels while a broader tech stock sell-off weighed on the iPhone
maker.
The
Saudi Arabian oil company’s market capitalisation on Wednesday was
$2.426tn, exceeding Apple’s $2.415tn by just over $10bn. It is the first
time that Saudi Aramco has regained the top spot since 2020 and follows
a broader sell-off in technology stocks since the start of the year.
Apple
became the first company to hit a $3tn market cap in early January,
although its shares have suffered in recent months as investors reassess
lofty valuations in the tech sector in light of a reversal in monetary
policy and worries that inflation will weaken consumers’ spending
habits.