Apple is getting close to overtaking Saudi Arabia’s state-owned oil company in market valuation, a milestone that would make the technology giant the world’s largest company by that measure.
Apple gained as much as 4.2% on Monday for a market capitalisation above US$1.7-trillion, trailing Saudi Aramco at about $1.78-trillion based on current exchange rates. In March, the gap between the two market values was more than $500-billion. Apple has rallied 32% this year on broad optimism about its businesses.
By comparison, Saudi Aramco’s market value has fallen 5.5% this year as the Covid-19 pandemic sapped global oil demand, prompting many producers to cut output. — Reported by Jeran Wittenstein, (c) 2020 Bloomberg LP