Apple overtook Saudi Aramco as the world’s most valuable listed company in July 2020.
Apple passed Saudi Aramco in market capitalization on July 31, 2020, after a strong rise in Apple’s share price and a decline in oil prices that pressured the energy company’s valuation. The change illustrated how quickly the global market-cap ranking can shift.
Apple’s value was supported by demand for its devices and the growth of services such as the App Store, iCloud, and Apple Music. Saudi Aramco’s valuation is closely linked to expectations for oil demand, production, prices, and government policy.
The phrase “most valuable company” in this context means the highest market capitalization among publicly listed companies. It does not necessarily mean the highest revenue, largest workforce, greatest assets, or largest physical operations.