Saudi Aramco overtakes Apple as the most valuable company in the world

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Apple and Saudi oil giant Aramco are the only two companies in the world to have achieved a market value of $2 trillion. In July, Apple reached a $2 trillion valuation following record highs for its stock despite the COVID19 pandemic.

In September, Apple’s stock dropped nearly 17% resulting in its market value dropping to just shy of $2 trillion at $1.9 trillion. Now, Saudi Aramco has officially overtaken Apple as the world’s most valuable company, Bloomberg reports.

Saudi Aramco is once again the world’s most valuable company after its market capitalization rose a shade above Apple Inc. amid a slump in U.S. technology shares.

The state oil giant’s stock has gained 1.1% in Riyadh this month, despite Brent crude dropping 12% to below $40 a barrel as concerns about an acceleration in coronavirus infections mount.

While Aramco has much to celebrate, analysts are expecting a “supercycle” for Apple in October following the release of the first 5G supported iPhones alongside increased usage of Apple services thanks to a new service bundle.

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Sami
Sami started falling in love with Apple in 2010 with the iPhone 4S. As a registered developer, he deeply admires the world of Apple. Sami is an aspiring journalist, writer, and actor. He also has devoted his life to sharing his passion and knowledge with others around the world.