This Saudi company has surpassed Apple as the most valuable company in the world.

According to AFP, Saudi Aramco has surpassed Apple as the world’s most valuable business. Saudi Aramco is the national petroleum and natural gas enterprise of Saudi Arabia.

After a jump in oil prices drove up its shares while tech stocks fell, the business was dubbed the world’s largest oil producer. On Wednesday, the Dhahran-based company’s stock increased to 46.20 riyals. Based on the price of its shares at market closing, it was valued at $2.42 trillion (9.24 trillion riyals).

Concerns about the latest US inflation statistics sent Wall Street down again on Wednesday. The Dow Jones Industrial Average dropped 326.63 points to 31,834.11. The Nasdaq Composite, a tech-heavy stock index, fell 3.18 percent to 11,364.24, while the S&P 500 fell 1.65 percent to 3,935.18.

Apple’s stock price dropped more than 5% to settle at $146.50 Wednesday. The computer giant’s stock price has dropped over the last month, and it was valued at $2.37 trillion at the close of formal trade on Wednesday.

Despite announcing better-than-expected profits in the first quarter of the new fiscal year, Apple’s stock has dropped.

Microsoft, another American multinational technology business, is the world’s third-largest by market capitalization. Alphabet, Google’s parent firm, comes in second.

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