Apple has been usurped as the most valuable company in the world after its market price dropped and the price of fuel worldwide has soared.
All that means Saudi Aramco is now the most valuable company once again, having previously sat atop the rankings in late 2019.
Apple became the first company to be worth $3 trillion back in January, but things haven’t been going so well since then.
The value took another dive of five percent on Wednesday, which is just part of an 18 percent drop so far this year, meaning the company is still worth $2.37 trillion.
However, what is relatively bad news for Apple is good news for Aramco, who have seen the value of commodities skyrocket thanks to a number of factors, including the uncertainty surrounding the situation in Russia and Ukraine.
Saudi Aramco has increased market capitalisation by a quarter so far this year, by comparison, meaning the company is now worth $2.43 trillion.
The rise of Aramco comes after a significant sea change in 2011 when Apple shot to the top of the rankings, dislodging ExxonMobil and heralding in a brave new era for the tech giant, represented by the supremacy over the energy companies.
Since that happened, Amazon, Apple, Google owner Alphabet, and Microsoft have all crashed onto the scene, generating worth of over $1 trillion and shoving the oil companies into the back seat.
Aramco is the only company that has really managed to keep the pace with them in recent times.
Apple regained the top spot from Aramco in 2020, having been superseded after Aramco floated on the stock exchange in Saudi Arabia in December 2019.
Covid-19 lockdowns in China, the Russian invasion of Ukraine, and soaring inflation have all played a part in Apple’s value dropping.
Parth Vala, an analyst for GlobalData, told The Guardian: “Apple posted better-than-expected results in the quarter ended March 2022.
“However, amid the increasing supply chain constraints on account of the rapidly changing global geopolitical scenarios, silicon shortages and intense lockdowns in China, the company anticipates that the June quarter could take a revenue hit between the range of $4 billion and $8 billion.”
Where Apple has suffered, Aramco has not.
Vala added: “The Russia-Ukraine conflict has sent the global energy prices soaring, which resulted in the energy companies booking substantial top-line and bottom-line growth.”
Don’t fear for the future of Apple though, because it's expecting a significant bounce back later in the year, when the arrival of the iPhone 14 is rumoured.
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