據美國彭博新聞社5月12日報道，沙特阿拉伯國家石油公司（沙特阿美）5月11日前從美國蘋果公司手中奪得世界最有價值企業的桂冠，這凸顯了投資者對石油和天然氣的興趣，因為全球各國都在對抗猖獗的通貨膨脹和能源短缺。

由于化石燃料在日常生活的方方面面重新彰顯其至關重要的地位，通過科技股購買未來股票正讓位于對當前通貨膨脹和能源短缺的擔憂。從食品到飛行，能源價格的上漲對經濟的各個方面都產生了影響，加劇了通貨膨脹。  

在過去10年的大部分時間里，低油價和低通脹讓央行得以在長期擺脫2008年金融危機的過程中通過降息來刺激經濟。隨著消費者向低碳未來轉型，投資者利用這個機會買入建立在技術基礎上的新經濟。  

但全球經濟仍依賴石油和天然氣，疫情以后需求激增，加上軍事沖突爆發，導致供應短缺，這對傳統能源生產商有利。沙特阿美目前的股價接近歷史最高水平，今年標準普爾500指數前10大股票中有9家是石油和天然氣公司。能源股今年在該指數中所占份額幾乎翻了一番，其中國內頁巖生產商和煉油商領漲。

即便如此，從科技向油氣的逆轉仍有一段路要走。盡管特斯拉的市值今年縮水了三分之一，但它的市值仍是埃克森美孚公司的兩倍多。

5月11日，美股科技股重挫，蘋果公司收盤暴跌5.2%，市值跌至2.37萬美元。與此同時，沙特阿美股價逼近歷史最高水平，市值達到2.43萬億美元，這使得沙特阿美超越蘋果，自2020年以來再次成為全球市值最高的企業。

李峻 編譯自 美國彭博新聞社

原文如下：

Aramco topping Apple shows oil is king in energy-short 2022

Saudi Aramco taking the crown of the world’s most valuable company from Apple Inc. underscores investors’ appetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages. 

Buying the future through tech stocks is taking a back seat to the concerns of the present, as fossil fuels reassert their critical importance in all aspects of daily life. Elevated inflation is underpinned by rising energy costs that ripple through all aspects of the economy, from food to flying. 

For much of the past decade, low oil and gas prices and muffled inflation allowed central banks to reduce rates to spur their economies in the long exit from the financial crisis in 2008. Investors took the opportunity to buy into the new economy built on technology as the consumers transitioned toward a low-carbon future. 

But the global economy still runs on oil and gas, and surging demand after the pandemic combined with the war  is causing a shortfall in supplies that plays right into the hands of traditional energy producers. Aramco now trades near the highest on record and nine of the top ten stocks in the S&P 500 Index this year are oil and gas companies. Energy has nearly doubled its share of the index this year, with domestic shale producers and refiners leading the charge. 

Even so, the reversal from tech to oil and gas still has some way to go. Despite losing a third of its value this year, Tesla Inc.’s market capitalization is more than double that of Exxon Mobil Corp.