After a number of years during which US tech giants rode Trump-era tax cuts to record valuations, 2022 has seen some of the world's biggest companies take a battering on the stock market.

Make no mistake, the likes of Alphabet, Amazon, Apple and Meta are still at the very top of the list of the world's most valuable companies, but they are being rivalled and surpassed by oil producers, pharmaceutical leaders and conglomerates in some cases.

Here are the top 20 companies in terms of market capitalisation as of 10 June:

1. Saudi Aramco

The Saudi Arabian Oil Company, to give the petroleum and natural gas firm its full name, surpassed Apple last month to become the world's most valuable company with a current market capitalisation of $2.37tn. The Saudi state-owned company had income of $109.4bn from revenues of $359.2bn last year, employs 66,800 people and boasts assets of $331.8bn

2. Apple

The iPhone maker is just behind Saudi Aramco with a market cap of $2.27tn, having brought in revenues of $365.8bn and income of $94.7bn in 2021. The EU signalled this week that all smartphones will require a USB-C charging port in a blow to the Cupertino giant.

In Association with

3. Microsoft

With a market cap of $1.94tn, Microsoft is now the third most valuable company after recording revenues of $161bn and net income of $60.6bn in 2021, with Windows and Xbox continuing to go strong.

4. Alphabet

The company formerly known as Google is further back in fourth with a valuation fo $1.47tn after snagging revenues of $257.6bn and net income of $76bn in 2021, but the search giant is mired in antitrust suits in several countries.

5. Amazon

The online shopping pioneer is fifth with a valuation of $1.15tn, having made a profit of $33.4bn from revenues of $469.8bn in 2021. The firm posted its first loss since 2015 last quarter as sales slowed and it wrote down its electric vehicle start-up.

6. Tesla

Elon Musk's pursuit of Twitter may be having an adverse effect on Tesla stock, which a lot of his world-leading wealth is tied up in, but the electric car maker is valued at $730.7bn and brought in revenues of $58.3bn and profits of $6.5bn after producing 930,000 vehicles last year.

7. Berkshire Hathaway

The Geico and Duracell owner, owned by leading investor Warren Buffett comes in ahead of Meta with a valuation of $651.8bn after making an $89.8bn profit from revenues of $276.1bn in 2021.

8. Meta

Facebook and Instagram parent Meta lags behind its tech rivals with a valuation of $488.3bn, with shares falling precipitously earlier this year when it announced user numbers had declined for the first time ever. The company brought in income of $46.8bn from revenues of $117.8bn in 2021.

9. Tencent

The first Chinese company on the list, Tencent is a conglomerate that is a leader in video gaming, social media, venture capital and investment with services including social networks, payments systems and smartphones. The firm is valued at $472.8bn and made $35.3bn last year.

10. TSMC

The Taiwan Semiconductor Manufacturing Company is the world's most valuable semiconductor maker, providing equipment for the likes of AMD, Apple, and NVIDIA. The Taiwanese firm brought in revenues of $57.2bn and profits of $23.4bn last year, and it is valued at $468.2bn.

11. United Health

The Minnesota-headquartered healthcare insurance company has a market cap of $453.6bn, making revenues of $285.2bn and profits of $17.3bn in 2021.

12. Johnson & Johnson

The US pharmaceutical and consumer products leader has a value of $450.8bn after making revenues of $93.8bn and profits of $22.8bn last year.

13. NVIDIA

The software and fabless designer comes 13th with a valuation of $436.6bn, with revenues of $26.9bn and profits of $9.8bn in 2021.

14. Exxon Mobil

The US oil producer is valued at $429.5bn, drawing in revenues of $276.7bn and profits of $23bn last year.

15. Visa

The financial services and payments multinational is just behind Exxon on $429bn, with 2021 revenues of $24.1bn and income of $15.8bn.

16. JPMorgan Chase

The banking giant now has a market cap of $361.6bn and made $59.6bn from revenues of $121.7bn last year.

17. Kweichow Moutai

The second Chinese company in the top 20 is a partially state-owned maker of Maotai baijiu spirits with a market cap of $355.9bn.

18. Chevron

US energy giant valued at $345bn, making profits of $21.6bn from revenues of $162.5bn in 2021.

19. Procter & Gamble

Pringles and Kellogg's owner P&G has a market capitalisation of $335.9bn and made an estimated $18.8bn in 2021 from increased revenues of $76.1bn.

20. Mastercard

Trailing its main rival Visa, Mastercard ($335.8bn) closes the list, making revenues of $18.9bn and profits of $10.1bn last year.

(Pic: Getty Images)