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.