Apple has lost its “World’s Most Valuable Stock” title to Saudi Aramco, according to Bloomberg. The last time Aramco was bigger than Apple was in 2020.
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian public petroleum and natural gas company based in Dhahran. The Aramco/Apple reversal is due to a surge in oil prices due to current inflation increases, Bloomberg reports.
On the bright side, Apple is still the most profitable company in the U.S. with Microsoft taking second place.