Apple briefly became the world’s most valuable publicly traded company in July 2020, overtaking Saudi Aramco.
Apple moved ahead of Saudi Aramco in July 2020 as its share price surged and investors anticipated strong demand for its technology products and services. The comparison used each company’s market capitalization, calculated from share price and shares outstanding.
Apple’s rise was powered by the iPhone ecosystem, growing services revenue, and confidence in the company’s financial performance during a period of major market volatility. Saudi Aramco remained one of the world’s most valuable businesses because of its oil reserves and production capacity.
Rankings based on market capitalization are not permanent. Currency movements, oil prices, earnings reports, share repurchases, and changes in investor expectations can all alter the order. Apple and Saudi Aramco have therefore exchanged positions at different times.