The world’s most valuable company is the giant Saudi Aramco, as soaring commodity prices swell profits at energy companies. Aramco, whose market capitalisation has climbed by a quarter this year to hit $2.43tn, stoked by the surge in oil prices since the Ukraine war began. Aramco is seeing bumper revenues and earnings, having doubled its profits last year. Aramco has a particularly low cost of production, as much of its oil is in easy-to-tap fields onshore or in shallow waters. That boosts profitability at the company, which is still 95% owned by the Saudi government.
Apple has lost its crown and was eclipsed on Wednesday night amid the ongoing rout on Wall Street. Shares in Apple, which had become the world’s first $3tn company in early January, sank another 5% on Wednesday, knocking its value down to $2.37tn (£1.94tn) – an 18% drop this year.