Saudi Aramco becomes world's most valuable stock as Apple shares drop

Saudi Aramco overtook Apple Inc. as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge throttling demand for technology stocks.

Aramco traded near its highest level on record on Wednesday, with a market capitalisation of about $2.43 trillion, surpassing that of Apple for the first time since 2020. The iPhone maker fell 5.2 per cent to close at $146.50 per share, giving it a valuation of $2.37 trillion.

Even if the move proves short-lived and Apple retakes the top spot again, the role reversal underscores