Apple first became the world’s most valuable publicly traded company after surpassing Saudi Aramco in 2020.
Apple overtook Saudi Aramco in market capitalization in July 2020, as Apple’s share price climbed during a major technology-stock rally. Saudi Aramco had held the top position after its 2019 listing and remained one of the world’s largest companies.
Apple’s rise was powered by investor expectations for continued iPhone demand, expanding services revenue, and the strength of its ecosystem. Saudi Aramco’s value, meanwhile, was closely tied to oil prices, production expectations, and energy-market conditions.
Rankings by market capitalization can change because share prices move constantly. They also differ from rankings by revenue, profit, assets, or enterprise value. That is why a company can lead one list while appearing lower on another.