Saudi Aramco briefly became the world’s most valuable public company after overtaking Apple in January 2022.
On January 12, 2022, Saudi Aramco’s market value moved above Apple’s as energy prices strengthened and technology shares faced pressure. The change was driven mainly by movements in share prices and exchange rates rather than by a sudden change in the companies’ physical size or operations.
Saudi Aramco is one of the largest oil producers in the world and is majority-owned by the Saudi government. Apple, by contrast, earns most of its revenue from consumer technology, software, and services. Their temporary ranking illustrates how different industries can lead global market-cap tables at different points in the economic cycle.
Market-cap rankings are not fixed league tables. They can change daily because share prices fluctuate, and privately held companies are normally excluded from comparisons of publicly traded firms. Saudi Aramco and Apple have alternated near the top during periods of major energy and technology-market movements.