Saudi Aramco Becomes World’s Most Valuable Stock as Apple Drops
Aramco traded near its highest level on record on Wednesday, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020
Earlier this year, Apple boasted a market value of $3 trillion, about $1 trillion more than Aramco’s. Since then, however, Apple has fallen by 19% while Aramco is up 27%.
Meanwhile, the S&P 500 Energy sector has soared 39% this year, supported by a rally in the price of Brent crude oil which has gone from about $78 a barrel at the start of the year to $108