Saudi Aramco is on the verge of dethroning the technological behemoth “Apple” as the world’s most valuable corporation. Apple is currently valued at $2.3 trillion.
Based on rising energy prices, shares of the state-owned oil company soared, bringing its market worth to $2 trillion, only below Apple’s $2.3 trillion.
The two titans’ stock values are a leading sign of how the global economy will evolve this year. Apple’s stock has faltered as customers cut back on home entertainment spending, which had soared during the epidemic, and return to routine.
The resumption of transportation activities as a result of the opening of economies resulted in a surge in oil prices, which immediately benefited Aramco.
According to Bloomberg, Bank of America analysts said the global energy crisis may help boost oil prices over $100 a barrel for the first time since 2014, giving reason to believe Aramco shares can continue to rise.
Apple, on the other hand, is under pressure as investors become wary of highly-rated technology firms in the face of rising bond rates.