Apple overtook Saudi Aramco as the world’s most valuable listed company in 2020 as oil prices collapsed.
Apple’s shares climbed during 2020, helped by strong technology demand, while the COVID-19 pandemic and an oil-price shock hurt energy companies. In August, Apple’s market capitalization moved above Saudi Aramco’s, making Apple the top-ranked listed company by equity value.
The comparison illustrates why market-cap rankings can change quickly. Apple’s value depended largely on expected earnings from devices and services, while Saudi Aramco’s valuation was closely linked to crude-oil prices, production expectations, and energy-market conditions.
Saudi Aramco remained one of the world’s largest companies and later returned to the top of some rankings. Rankings also vary by trading date, exchange rates, free-float methods, and whether privately held companies are included.