Aramco replaces Apple as world's largest company by market capitalization

Having rallied ~28% in 2022, Saudi Aramco (ARMCO) has replaced Apple (AAPL) as the world's largest company by market capitalization.
Apple (AAPL) shares have lost ~14% year to date, despite solid results and guidance, as technology stocks globally have sold off.
Apple (AAPL) is forecast to earn $6.15 per share in fiscal year 2022, or ~$100b in total earnings; meanwhile, Aramco (ARMCO) earned $32b during Q4 2021, when oil was ~$5 below current levels and production was lower.
For two years investors have been laser focused on "pandemic winners" in the technology sector; however, a historic collapse in energy investment (XLE) during the pandemic has led to shortages of oil (USO), gas (UNG), coal and refining capacity, leading some to believe the energy sector (XLE) could be the biggest "pandemic winner."