Oil giant Saudi Aramco, Apple’s primary competitor,  surpassed the iPhone maker and regained the top spot as the world’s most valuable company.

Saudi Aramco is a state-owned company generating record profits compared to the largest commercial tech giants. According to Bloomberg, Saudi Aramco’s market capitalization totaled $2.43 trillion. By comparison, the market value of Russia's largest oil company Rosneft is a little over $100 billion. This is 2.5 times less than the Walt Disney Company’s market capitalization of above $250 billion. However, the company is not concerned with the oil industry. 

Apple is ranked second on the list of the world’s most valuable companies and is now worth $2.38 trillion. The key reason for it is a jump in oil prices and high inflation causing a decline in the shares of technology companies. Experts note that if Apple manages to regain its top position, the global economy will change dramatically.

Notably, at the start of 2022 Apple became the world’s first company to reach a market value of $3 trillion. However, this figure dropped significantly after Apple’s shares fell.