The Saudi oil manufacturer Aramco has recently gotten an edge over tech giant Apple as the world’s most valuable company, signaling a noticeable change in market focus among consumers.
The company’s value has risen amidst increasingly rising oil prices which have caused Aramco’s shares to skyrocket alongside falling share prices in tech companies like Apple.
On Wednesday Aramco’s market price was a little under $2.43trn, while Apple’s value fell just below $2.37trn. This follows after months of Apple leading the way as the world’s most valuable company, after it hit $3trn in January.
Investor concerns in regards to how demand will react to growing inflation rates has led to the company’s share prices to decrease with time, almost 20% since the company’s peak back in January. On Wednesday Apple fell 5%, its lowest point in history.
Aramco, a Saudi-government owned company, has seen a share rise of 2% this year, and with the record oil prices going up everyday, it’s bound to see more.
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