Apple briefly became the world’s most valuable public company in July 2020 after surpassing Saudi Aramco.
On July 31, 2020, Apple’s market capitalization moved above Saudi Aramco’s as Apple shares rose and Saudi Aramco’s shares remained comparatively steady. The comparison used publicly traded equity values and changed as both companies’ share prices moved.
Apple’s position was supported by strong investor interest in its technology ecosystem and by a stock split announced in 2020. Saudi Aramco remained an enormous energy company, but its valuation was tied more closely to oil prices, production expectations, and energy-market conditions.
The ranking was not permanent in every market session. Global market-cap leadership can change because of currency movements, share-price volatility, buybacks, and differences in trading hours. That is why historical rankings should be tied to a date rather than treated as timeless.