Apple is no longer the world’s most valuable company following a selloff of tech shares on Wall Street. Energy giant Saudi Aramco, which has benefitted from high oil prices, has reclaimed the top spot. Saudi Aramco, billed as the largest oil-producing company, has also become the world’s most valuable company, surpassing American tech giant Apple. The change in positions of the two companies is largely attributed to the rising oil prices due to the war in Ukraine and a steady recovery around the world from the coronavirus pandemic. The rising demand and the increasing cost, in turn, are driving up the shares of oil companies. On the other hand, tech giants are seeing a decline in their fortune across global markets.
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