Apple became the world’s most valuable publicly traded company after surpassing Saudi Aramco in August 2020.
Apple’s market capitalization rose sharply during 2020 as investors responded to strong demand for iPhones, services, and other devices. On August 19, 2020, Apple became the first publicly traded U.S. company to reach a $2 trillion market value based on closing prices.
Saudi Aramco had briefly led global rankings after its 2019 public listing, helped by its enormous oil reserves and profitability. Apple’s rise past it reflected the scale of technology-company valuations as well as investor expectations for long-term growth.
Market-cap rankings can change daily because they depend on share price multiplied by shares outstanding. They are different from revenue rankings, where companies such as oil producers and retailers may appear in a different order. Apple later became the first company to reach a $3 trillion intraday valuation in January 2022.