Apple is no longer the most practical company in the world

Oil giant Saudi Aramco overtook Apple as the world's most valuable company on Wednesday.

According to FactSet, Aramco's market value was just under $2.43 trillion as of Wednesday, which converts its market cap to dollars. Apple, which slumped more than 5% in US trade on Wednesday, is now trading at $2.37 trillion. Energy stocks and prices rose as investors sold stocks in various industries, including technology, on fears of a deteriorating economic environment. Apple is down nearly 20% from its high of $182.94 on Jan. 4.

The move is symbolic but shows how markets change as the global economy grapples with rising interest rates, inflation, and supply chain problems.

Aramco shares are up more than 27% so far in 2022. In March, the oil giant announced that its profits had more than doubled due to rising oil prices over the past year.

Apple overtook Saudi Aramco to become the world's most valuable publicly-traded company in 2020.