It is as strange as it sounds: the largest oil company that is a very fundamental to the entire civilization superseded by company that makes nothing more than expensive toys.
Apple temporarily replaced Saudi state oil company Saudi Aramco as the world’s most valuable listed company. The iPhone maker’s shares were valued up to 7.1 percent in New York after the company had produced record figures. With this, Apple’s stock market value increased to 1765 billion dollars, just a little more than Saudi Aramco, which went public in Riyadh in December.
Prior to the IPO, Apple fought with Microsoft for the title of the most valuable listed company. Saudi Aramco, however, was worth 1.7 trillion, or 1700 billion, dollars at the IPO, and that was much more than the tech company at the time.
The oil group then increased in value to $2 trillion, but the coronavirus lowered the price of oil and also the stock price. A price war started by Saudi Arabia put further pressure on oil prices. Compared to the end of December, Saudi Aramco has lost 6.4 percent of its value.
Apple, on the other hand, has an excellent year. Every quarter, the company performed better than analysts ‘ expectations, and the stock market price has risen almost 40 percent since the beginning of this year. Analysts have already expressed the expectation that the iPhone maker will soon be worth more than $ 2 trillion.