Apple is no longer the most profitable company in the world
Oil giant Saudi Aramco overtook Apple as the most profitable company in the world.
Aramco's market valuation is just under $ 2.43 trillion, according to FactSet. Apple, which fell more than 5% and is now worth $ 2.37 trillion.
Stocks and energy prices have risen as investors sell shares in several industries, including technology, for fear of a deteriorating economic environment. The move is largely symbolic, but shows how markets are changing as the global economy faces rising interest rates, inflation and supply chain problems.
Aramco shares have risen by over 27% so far in 2022. In March, the oil giant reported that its profit over the past year doubled due to rising oil prices.