Apple Inc became the world’s most valuable company with its market value overtaking Saudi Aramco in the wake of better-than-expected earnings. Apple jumped 10 percent on Friday, ending the day with a historic market capitalization of $1.817 trillion. It’s the first time that the company’s valuation has surpassed that of Saudi Arabia’s national oil company, which made its market debut in Riyadh in December 2019 and is valued at $1.76 trillion.
Aramco’s stock is down 6.4 percent since the end of December due to the recent plunge in energy demand with the spread of the COVID-19 epidemic. The iPhone maker, meanwhile, has benefited as the pandemic has strengthened the market positions of the world’s biggest technology companies. Apple's shares have gained more than 45 percent this year according to CNN.