On May 12, Beijing time, Saudi Aramco surpassed Apple on Wednesday to become the world's most valuable company. In 2020, Apple officially surpassed Saudi Aramco to become the world's most valuable public company.

Shares of Apple closed down more than 5 percent on Wednesday and are now valued at $2.37 trillion, according to financial data provider FactSet. By comparison, Saudi Aramco has a market capitalization of just under $2.43 trillion.

Shares in Saudi Aramco have risen more than 27% so far this year. In March, Saudi Aramco reported that its profits more than doubled for the full year last year as oil prices surged. Apple shares have fallen nearly 20% from their Jan. 4 high of $182.94.

Energy stocks have been rallying as investors dumped stocks across a range of sectors, including technology stocks, amid fears of a deteriorating economic environment. The change is largely symbolic, but it shows how markets are changing as the global economy grapples with rising interest rates, inflation and supply chain issues.