How Apple overtook AramcoApple may have been in the hotseat last week at the US congressional antitrust hearing, but this week it’s in striking distance of a market cap of $2 trillion, aided by the pandemic and oil price crash.
Apple shares rose 10% to a record high on Friday after blockbuster quarterly results, which helped the tech company to overtake Saudi Aramco and become the world’s most valuable publicly listed firm.
Its stock rose another 2.5% on Monday in the US to $435.75, giving Apple a valuation of $1.86 trillion. Saudi Aramco is worth $1.76 trillion.
Before the oil price crash, it was worth over $2 trillion. Despite the pandemic, Apple announced revenue of $59.7 billion in April-June 2020, up 11% from the same period last year..