Hong Kong May 12 2022: Saudi Aramco has overtaken Apple as the world’s most valuable company, underscoring the recent surge in oil prices that have boosted the energy giant this year.
Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion, according to data from Refinitiv.
Market capitalizations fluctuate frequently: earlier this year, Apple (AAPL) hit the $3 trillion mark, becoming the first to do so and making it by far the most valuable company on the planet.
Aramco at one point also held that mantle after a historic initial public offering in 2019, which propelled its valuation to $2 trillion.
But the latest market moves point to how the outlook for energy and tech producers have shifted lately.
Brent crude, the global benchmark, has climbed about 36% so far this year, and was last trading at $106.2 a barrel.
That has buoyed players like Saudi Aramco, whose shares are up 27% so far this year.
Meanwhile, Apple’s stock has fallen more than 17% since January.
