Apple became the world's most valuable publicly traded company in August 2020, surpassing Saudi Aramco.
Apple's market capitalization rose sharply during 2020 as investors responded to strong demand for iPhones, services, and other devices. Saudi Aramco had held the top position after its 2019 public listing, but changes in share prices altered the ranking.
Market capitalization is calculated by multiplying a company's share price by its outstanding shares. It is not the same as annual revenue, profit, or the value of every asset owned by a company. Rankings can therefore change daily.
Apple later returned to the top spot several times as competition with Microsoft, Saudi Aramco, Alphabet, and other megacap companies continued. The company was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976.