Apple briefly became the world’s most valuable publicly traded company in July 2020 after its market capitalization passed Saudi Aramco’s. The change followed a major rise in Apple’s share price during a period when technology stocks attracted strong investor demand.
Saudi Aramco had held the top position after its 2019 listing, supported by its immense oil-production business and large reserve base. Apple’s ascent reflected a different business model: consumer electronics, software, digital services, and a global ecosystem built around devices such as the iPhone and iPad.
Rankings by market capitalization can change quickly because share prices move every trading day. They can also differ depending on whether a source uses intraday or closing prices, how it treats different share classes, and the currency used for comparison. “Most valuable” in this context means largest equity market capitalization, not the highest annual revenue, largest physical operation, or most expensive single share.