Oil giant Saudi Aramco has become the world’s most valuable company, knocking Apple off its lofty perch.
Aramco’s most recent market capitalization was just under $2.43 trillion, according to FactSet, which converted its market cap to dollars.
Apple, which dipped more than 5 percent during trading in the US on Wednesday, is now worth $2.37 trillion.
Energy stocks and prices have been rising as investors sell off stocks in a variety of industries, including technology, due to concerns about the economy.
Apple has dropped nearly 20 percent since its peak of $182.94 on Tuesday, January 4.
The change shows how markets are changing as the global economy deals with rising interest rates, inflation, and supply chain issues.
Aramco stock is up over 27 percent 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 valued publicly-traded company in 2020.