Apple loses crown as world’s largest company to Saudi oil titan

Apple loses crown as world’s largest company to Saudi oil titan

Saudi Aramco has overtaken Apple as the world’s most valuable company after oil prices surged and inflation hammered technology stocks. Aramco traded near its highest level on record on Wednesday, reaching a market capitalisation of about $2.4 trillion (£1.9 trillion) and surpassing that of Apple for the first time since 2020. The iPhone maker fell 4.4pc in New York to $147.53, for a valuation of $2.3 trillion. Even if the move proves short-lived and Apple retakes the top spot again, the role reversal underscores the power of major forces coursing through the global economy. Soaring oil prices, while great for profits at Aramco, are exacerbating rising inflation that is forcing the Federal Reserve to raise interest rates at the fastest pace for decades. The higher rates go, the more investors are discouraged to invest in tech stocks, as inflation is expected to hit their future revenues. James Meyer, chief investment officer at Tower Bridge Advisors, said: “You can’t compare Apple to Saudi Aramco in terms of their businesses or fundamentals, but the outlook for the commodity space has improved. They’re the beneficiaries of inflation and tight supply.” Earlier this year, Apple boasted a market value of $3 trillion, about $1