Apple briefly became the world’s most valuable company in 2020 after its share price surged during the pandemic.
Apple overtook Saudi Aramco in market capitalization in July 2020, becoming the largest publicly traded company at that point. The shift followed a sharp rise in Apple shares and a difficult period for energy markets, during which oil prices and energy-company valuations weakened.
Apple’s results also benefited from demand for devices and digital services as many people worked, studied, and entertained themselves at home. Its strong earnings and outlook helped support investor enthusiasm.
The episode illustrates why the identity of the world’s largest company can change without either company making a major acquisition. Market capitalization is a live comparison based on stock prices and share counts, so changing expectations about technology, energy, and the global economy can quickly reorder the ranking.